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Dubai Sees Economy Shrinking 6.2% This Year Before 2021 Growth

In the United Arab Emirates economic output is seen shrinking around 6% as well.

In the United Arab Emirates economic output is seen shrinking around 6% as well.

Photographer: Christopher Pike/Bloomberg

The economy of Dubai, the Middle East’s business hub, will likely contract 6.2% this year, according to the emirate’s media office. It’s expected to see 4% growth in 2021.

Gross domestic product fell 10.8% in the first half of the year, estimates published on Wednesday showed. The economy is heavily dependent on tourism and retail, sectors especially hard hit by the pandemic.