UAE ranked 2nd most economically stable country

By November 10, 2023 No Comments

The United Arab Emirates (UAE) has earned the distinction of being ranked as the world’s second most economically stable country, according to a recent study. This recognition is attributed to several factors, including robust opportunities for entrepreneurship, ease of access to capital, the presence of a skilled labor force, adaptability, competitiveness, and a thriving trade environment. The study, conducted by US News & World Reports, also highlights that the UAE boasts a per capita gross domestic product (GDP) comparable to that of top Western European nations, and it holds the title of having the most competitive economy in the Arab world.

The UAE’s overall GDP stands at an impressive $508 billion (equivalent to Dh1.86 trillion), with a per capita income of $87,729. As the second-largest economy within the Gulf Cooperation Council (GCC) region, the UAE has set ambitious targets to achieve Dh3 trillion by the year 2030. These goals are to be accomplished through innovative economic diversification strategies and support for emerging economic sectors. The country is proactively embracing the challenges and opportunities of the Fourth Industrial Revolution, harnessing advanced technologies to enhance research capabilities, foster future industries, and attract foreign direct investments.

Official statistics reveal that in 2022, the UAE’s GDP, when adjusted for inflation, reached Dh1.62 trillion, marking a remarkable growth rate of 7.9 percent. At current prices, the economy surged to Dh1.86 trillion in 2022, representing an increase of over Dh337 billion compared to 2021—a substantial growth of 22.1 percent.

The UAE is also home to some of the world’s largest sovereign wealth funds, including the Abu Dhabi Investment Authority, Mubadala, Investment Corporation of Dubai, Dubai World, ADQ, and others. These institutions hold trillions of dirhams in assets, providing a financial cushion to protect against economic volatility on the global stage.

According to the findings of the US News & World Reports study, Switzerland claims the top spot as the world’s most economically stable country, with the UAE closely following. Canada, Germany, Japan, Sweden, Australia, the Netherlands, Norway, and Denmark round out the top ten in this prestigious ranking of economic stability.