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Sources of Economic Growth and Development Strategy in Dubai

Raimundo Soto; I. A. Elbadawi

The Global Economic Crisis and Consequences for Dubai Development Strategy, Ali T. Alsadik and I. Elbadawi (eds), Palgrave McMillan, London, UK, 2012.

This chapter provides a long-term analysis of the determinants of economic growth in Dubai in the period 1975–2008. The analysis focuses on long-run trends and abstracts from short-run fluctuations and other transient phenomena. We extend in time, scope, and depth previous work by the Dubai Chamber of Commerce and Industry (2004).
Beyond the customary difficulties of analyzing the determinants of economic growth at the country level (see Easterly et al., 1993), the study of Dubai’s economy runs into two additional challenges. First, statistical data in the UAE and in particular in Dubai are scarce and, in several occasions, limited in terms of coverage and time congruency. Second, Dubai’s is not an independent economy but belongs to the UAE. This, in turn, implies that economic activities are linked among emirates with a continuous flow of resources and factors that make it difficult to identify clear boundaries and allocate production and use of resources to Dubai. The appendix to this chapter provides a thorough description of the data and the way in which the methodology overcomes such limitations and challenges.

 

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