UAE Rated World's Second Most Economically Stable Country

2023-10-31 04:59:39

(MENAFN- Khaleej Times) The UAE has been rated the world's second most stable country economically on the back of entrepreneurship opportunities, easy access to capital, availability of skilled labour force, agility to adapt, competitiveness and strong trade among, others, a new study said.

According to the US News & World Reports, the UAE also boasts per capita gross domestic product on par with those of top Western European nations as well as the most competitive economy in the Arab world.

The UAE has a total GDP of $508 billion (Dh1.86 trillion) and a per capita income of $87,729. The second largest economy in the Gulf Cooperation Council (GCC) region has a target to reach Dh3 trillion by 2030 through new economic diversification strategies, in addition to supporting new economic sectors, including embracing the Fourth Industrial Revolution and employing advanced technologies to increase research capacities, ensure future industries and encourage foreign direct investments.

Stay up to date with the latest news. Follow KT on WhatsApp Channels.

Official figures showed that the Emirates' GDP in 2022 at constant prices totalled Dh1.62 trillion, achieving a growth of 7.9 per cent. The economy reached Dh1.86 trillion at current prices in 2022, an increase of more than Dh337 billion as compared to 2021, achieving a growth of 22.1 per cent.

The UAE also has some of the world's largest sovereign wealth funds such as Abu Dhabi Investment Authority, Mubadala, Investment Corporation of Dubai, Dubai World, ADQ and others, holding trillions of dirhams worth of assets to provide cushion against economic volatility around the world.

According to the US News & World Reports, Switzerland is the most economically stable country followed by the UAE, Canada, Germany, Japan, Sweden, Australia, Netherlands, Norway and Denmark.

ALSO READ:

UAE on track to exit FATF 'grey list' soon

UAE on track for strong Q4 growth on back of non-oil sectors, say economists

Dubai rents continue to rise as more people flock in search of greener pastures

Dubai: Sheikh Maktoum, World Bank Group President discuss socio-economic developments

MENAFN31102023000049011007ID1107343441

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.