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Wednesday, July 24, 2024

The UAE: Ranked as the World’s Second Most Economically Stable Nation

A recent evaluation places the UAE as the world’s second most economically stable country, attributing its position to several key factors. The study, conducted by the US News & World Reports, highlights elements such as entrepreneurial opportunities, accessible capital, a skilled labor force, adaptability, competitiveness, and strong international trade as the drivers of the UAE’s robust economic stability.

Per Capita GDP on Par with Western Europe

The study also underscores the UAE’s per capita GDP, which rivals that of top Western European nations, cementing its economic strength. Additionally, the UAE boasts the most competitive economy in the Arab world.

Striving for Economic Growth

The UAE’s thriving economic landscape is characterized by a total GDP of $508 billion (Dh1.86 trillion) and a per capita income of $87,729. As the second-largest economy in the Gulf Cooperation Council (GCC) region, the UAE has set ambitious targets for the future, aiming to reach Dh3 trillion by 2030. To achieve this, the country is implementing new economic diversification strategies, supporting emerging economic sectors, and embracing the Fourth Industrial Revolution.

Exceptional Growth and Diversification

Official data reveals impressive economic growth, with the UAE’s GDP at constant prices reaching Dh1.62 trillion in 2022, marking a notable 7.9% increase. In addition, the nation’s economy reached Dh1.86 trillion at current prices in 2022, signifying a remarkable growth rate of 22.1% compared to the previous year.

Abundant Sovereign Wealth: Economically

The UAE also possesses substantial sovereign wealth funds, including the Abu Dhabi Investment Authority, Mubadala, Investment Corporation of Dubai, Dubai World, ADQ, and more. These entities hold trillions of dirhams in assets, providing a considerable buffer against economic volatility on a global scale.

Global Economic Stability Rankings

The study’s rankings place Switzerland as the most economically stable country globally, with the UAE securing the second spot. Other countries featured in the top 10 include Canada, Germany, Japan, Sweden, Australia, the Netherlands, Norway, and Denmark.

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