The Dubai's economy is on the road to recovery after weathering the shocks of global financial meltdown three years ago. The rebound in economic growth of Dubai has largely been due to the fiscal policies and monetary stimulus by the UAE Government and the resilience of its major trade partners, India and China. The findings have been revealed in the report, 'Dubai Economy 2012' released by the Dubai Economic Council.
The report said that Dubai has recorded steady growth over the past two years with an increase in growth rate from 2.8% in 2010 to 3.4% in 2011 against the decline in GDP growth to 2.4% in 2009. The report has specifically mentioned the role of Dubai's major trade partners, especially India and China as a major contributor towards Dubai's steady economic growth. The report says free trade policies, open skies, free trade zones for attracting FDI have given a boost to the recovery.
India continues to be the largest trading partner of Dubai in the non oil trade sector with the bilateral trade worth 34 billion dollars over the past 10 months.