Economy largely immune to Chinese slowdown
The recent data on the enervated state of the Chinese economy has rattled economies and financial markets worldwide.
A sharp slowdown in China is not likely to have an adverse impact on Dubai's economy, says Tim Fox, Chief Economist, Emirates NBD.
"The impact of China's slowdown is a little exaggerated in terms of its impact on the Dubai economy. If China continues to weaken, there is a possibility that we might see a dip in tourism, in terms of the number of Chinese visiting Dubai. that is a possibility. Most concerns surrounding a slowdown in China is because of the lowering demand of oil from China, and oil is not a large component of Dubai's economy," Fox told Khaleej Times during a media conference call discussing the findings of the Emirates NBD's Dubai Economy Tracker.
The recent data on the enervated state of the Chinese economy has rattled economies and financial markets worldwide. There are fears that the looming slowdown in the world's second largest economy could drag already limping global growth.
However, Dubai is experiencing a robust and accelerated expansion in its private sector. The business activity growth has strengthened in August, and new businesses have expanded at fastest rate since March, states the latest business survey findings of the monthly Emirates NBD Economy tracker.
The seasonally adjusted Emirates NBD Dubai Business Activity Index stood at 57.6 in August, up from July's low of 53.1, and above the neutral 50 value for the 67th month in a row.
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