Sunday, January 17, 2021

COVID-19 vaccine to boost economic activity by 4%: Dubai Economy

Dubai Economy expects a 4 percent growth in consumption and demand levels in the emirate’s household consumption sector during 2021, compared to 2020, particularly following the launch of the free and extensive COVID-19 vaccination campaign in Dubai.

In a statement Monday, the department said, the growth is expected based on the analysis of recent data on aviation and tourism, which showed that Dubai’s airport remained the busiest globally in passenger movement.

In addition, Google’s daily data on the mobility of individuals across malls, restaurants and other entertainment facilities in the emirate, among others, were analysed.

Authorities in Dubai had earlier announced that the vaccination process would take place across several stages, beginning with the most vulnerable groups–including the elderly, frontline workers in public and private sectors–and those working in other vital occupations, until the end of March 2021.

The second phase will begin in April and will target all community members, including Dubai citizens and residents, with the goal of vaccinating 70 percent of the emirate’s population by the end of the year.

The vaccination campaign represents an important step towards the return to normal life and economic recovery across various sectors economic activities affected by the precautionary measures, particularly labour-intensive activities.

The arts and entertainment sector and retailing are also expected to recover as a result of the confidence brought in by the vaccine. The return to normal life is also expected to lead to a reduction in remote working and learning, which will give additional impetus to economic recovery.

(Writing by Brinda Darasha; editing by Seban Scaria)

brinda.darasha@refinitiv.com

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

© ZAWYA 2021

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