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Published in:
2012 | OriginalPaper | Chapter
Introduction
Authors : Ali Tawfik Al Sadik, Ibrahim Ahmed Elbadawi
Published in: The Global Economic Crisis and Consequences for Development Strategy in Dubai
Publisher: Palgrave Macmillan US
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During the eight years from 2000 to 2008, leading to the onset of the recent global economic crisis, the economy of Dubai multiplied by more than four times. The emirate’s GDP steadily rose from US$19.6 in 2000 to $82.2 in 2008, registering an impressive nominal growth rate of 20 percent per annum. Moreover, due to the relatively low inflation during the period, this translated into an equally impressive annual average real growth of 12 percent. By any account this is an exceptional growth record that has been matched by only a few countries in the world.1