According to the latest report, the GCC countries are expecting economic growth of 2.1 percent in 2019 and 3.2 percent in 2020. Additionally, the growth is expected to settle at 2.7 percent in the year 2021. Work is already ongoing from which the region is going to achieve growth. But for a sustainable growth increase in private jobs, economic diversification, and fiscal consolidation is important.
There is also a serious need to increase the human capital for long term growth. Human capital plays an important in effective and viable role in a diversified economy and its growth.
According to the forecast UAE is set to have a 2.6 percent growth in 2019. The rates will rise to 3 percent in 2020, the following year will bring even more growth taking it to another level i.e. 3.2 percent. Dubai Expo 2020 has an important role.Also, it is nowadays the best place for talent. Read more about UAE is offering long term visa to talented people and more.
The growth in the economic state of Dubai is set to increase from sources like transport, tourism, wholesale logistics, and real estate. Real estate is going to be the main growth driver during these years. According to the Dubai Economy, they released information that depicted 1.94 percent growth of GDP for the previous year. The data showed that GDP will rise to 2.1 percent in 2019 and the following year will take it to 3.8 percent. Late on, the next year it will ease up and lower to 2.8 percent. Read about the future of Dubai.
Real estate is going to play an important part in the growth of the economy. The economy of the UAE will still rely on it. In 2019 the real estate is packed at 3.65 percent, transport and logistics department is at 3.1 percent, while tourism growth is set to be 2.8 percent, for the wholesale and retail business economy is at 1.9 percent.
The coming year with some huge tourist attractions are going to be complete in 2020, plus the Dubai expo is also in 2020. With these on list 2020 will be the year when tourism will take over real estate. Tourism will then be the department that would generate the most traffic and currency. Other departments will still have its importance.
According to Dubai's Department of Economic Development’s chief economist, Raed Safadi, direct investments from foreign will increase in next years. As far as the Dubai Expo goes, the year 2020 is all about it. It will boost sectors like food and beverages, hospitality and tourism once it is open and going.
With the initiatives taken by the government, their policies and investments that are done regarding have helped a lot for 2020 expo. It will be a great platform and attract new and more investments for Dubai.
Last year Dubai had an increase in the direct foreign investment despite the challenges faced. This year when it is set to raise the main focus is to open new market places and products. So, Dubai’s economy is set to rise but so is for the trading partners, said Safi.
Foreign investment directed towards Dubai in 2018 sums up to a Dh38.5 billion. This gave Dubai 21 percent economic increase. In addition to this in 2019, about 6,700 new business licenses are allotted so far. Direct foreign investment of about Dh680 million is done in the financial market of Dubai until now.
Dubai has the suitable and best environment for investments like FDI. This is because of its flexible legislation and growth rate. The GDP of Dubai is already coming from about 20 sectors that make the economy of Dubai much diverse. A huge amount is an investment in the 2020 Expo for its infrastructure, preparations and much more. So much investment is done so that 20 million or more visitors could be entertained accordingly. The 2020 expo is going to be a six-month-long event and such investments were needed.
It will prove to be a major attraction point and with it, a lot of other sectors will also be entertained. According to a report, this 2020 Dubai Expo is going to give about Dh122.6 billion to the economy of the UAE.
There are many new projects going on and under development. The main initiative of these is to make the country grow economically and attract investments. The new investments sectors are also important as they will explore markets. Anyways, here is the best home appliances collection in UAE you can shop from.