UAE witnesses rapid economic growth

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UAE-witnesses-rapid-economic-growth

The UAE economy will see sequential higher development for the following two years and the most noteworthy changes will be sparked through better infrastructure development, upgradation of facilities, developments for the Mena district in 2020 and other non-oil business growth. These infrastructural developments and overall economic growth should definitely give a major boost to property markets in the UAE as per experts. The housing market in Dubai should remain steady over the next few years due to the growth of non-oil businesses across sectors, improved employment prospects and better infrastructure.

Anticipating one of the highest developments in the oil-trading GCC nations in 2018-19, the World Bank has forecasted 2 percent of genuine GDP development for 2018 which will bounce to 3 percent in 2019 and 3.2 in 2020. The UAE economy will grow even more due to factors like the expansion of OPEC oil generation. It will also profit majorly from tourism, particularly in Dubai along with real estate, infrastructure and other sectors. The IMF has already ascertained that the UAE will grow its economy to 2.9% from 2.0% for 2018 and to 3.7% from 3.0% for 2019.

There will be rapid development in sectors like trade, tourism, human resources and the like which will contribute towards the economy hugely along with medicine and other basic enterprises. With the World Expo 2020 looming on the horizon, Dubai is already witnessing a major infrastructural boost and the real estate, hospitality and tourism segments should benefit hugely from the same.

Resident Editor