Dubai GDP to grow 2.5% per year thanks to Expo 2020 – S&P forecast

These predictions are higher than previous government projections.

Dubai’s GDP is expected to grow by about 2.5 per cent a year between 2019 and 2022, according to new predictions.

US-based financial information and analytics company S&P Global predicts Dubai’s GDP will increase at a rate of about 2.5 per cent a year until 2022. According to S&P, much of the increase could come from economic activity associated with Expo 2020.

S&P also predicts Expo 2020 will boost tourism in Dubai and increase consumer spending which in turn will further stimulate growth.

The S&P prediction is somewhat higher than UAE government predictions for GDP growth. Earlier this year, the government predicted a 2.1 per cent growth in Dubai’s GDP.

Dubai’s economy grew by 1.94 per cent in 2018, according to official figures.

Read: Dubai expects 2.1% growth in 2019 on Expo preparation

Meanwhile, the International Monetary Fund (IMF) has predicted the UAE’s GDP to increase by 2.8 per cent in 2019.

The IMF also says the UAE economy grew by 1.7 per cent in 2018.