Dubai’s economic growth in the 33 year period to 2008 was the fastest on the planet, according to a report in The National.
Citing a new study by the Dubai Economic Council, the paper said the emirate grew by a factor of 11 during that period.
The National said: “The study breaks down the growth between 1975 through 1990 showing an annual rise in GDP of around 6 per cent, then 1990 through 2005 showing an annual rise of about nine per cent. If one focuses on the years 2000 through 2008, one sees an extraordinary growth rate, on average, of over 10 per cent per year.”
The paper added: “The research underlines that few other countries can match the emirate’s growth, citing the GDP’s of other city states, such as Hong Kong and Singapore, in comparison and the US as a benchmark. The US’ GDP tripled from 1975 through 2008, Hong Kong grew by a factor of 7, Singapore by a factor of 10 and Dubai by a factor of 11.”