Tourism and trade are taking the lead in the recovery of the economy, which is expected to grow by about 0.5% this year, the International Monetary Fund said on Sunday.
'Our growth forecast for Dubai this year is about a half per cent,' IMF Middle East and Central Asia department head Masood Ahmed told AFP after launching the fund's Middle East and Central Asia economic outlook report in Dubai.
Ahmed revealed that tourism and trade had grown ‘better than what was anticipated at the beginning of the year’, following a 1.3% contraction of Dubai’s economy during 2009, but that real estate — which was severely hit by the financial crisis — had not fully recovered.
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'Trade and logistics are doing well, in part because of the relatively rapid and robust recovery in Asia. That is feeding through into the trade and logistics part' of the Dubai economy, he said, adding that tourism was doing 'relatively well’.
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