UAE ranked Second Globally for economic stability

The UAE has secured its position as the second-most economically resilient nation globally, attributed to factors like thriving entrepreneurial ventures, easy capital access, a skilled workforce, rapid adaptability, fierce competitiveness, and robust trade, a recent study reveals.

The report from US News & World Reports highlights that the UAE's per capita GDP aligns with leading Western European countries, distinguishing it as the top-performing economy in the Arab region.

With a cumulative GDP of $508 billion (Dh1.86 trillion) and an individual income averaging $87,729, the UAE is the Gulf Cooperation Council (GCC) region's second-largest economy. Ambitious economic expansion plans are set to elevate this to Dh3 trillion by 2030. This vision integrates diversification methodologies, emphasizes novel economic sectors, and focuses on capitalizing on the Fourth Industrial Revolution. Leveraging advanced technological frameworks to augment research capabilities, fostering emergent industries, and propelling foreign direct investments are among the nation's strategic aims.

Statistical data from 2022 indicates a buoyant Emirati economy. The GDP, at constant prices, registered Dh1.62 trillion, marking a 7.9% rise. Considering current prices, the economy touched Dh1.86 trillion in 2022, showcasing a staggering Dh337 billion elevation from 2021, reflecting a 22.1% growth.

Adding to the economic stability, the UAE possesses some of the planet's most expansive sovereign wealth funds, including but not limited to the Abu Dhabi Investment Authority, Mubadala, Investment Corporation of Dubai, Dubai World, and ADQ. These funds collectively manage trillions of dirhams, offering a substantial buffer against global economic fluctuations.

The US News & World Reports ranks Switzerland as the globe's pinnacle of economic stability, followed by the UAE, with Canada, Germany, Japan, Sweden, Australia, Netherlands, Norway, and Denmark completing the top ten.