The UAE Ranked Second as the World’s Most Economically Stable Nation
According to a recent study, the United Arab Emirates has earned the title of the world’s second most stable economy due to a combination of factors such as the availability of skilled labor, access to capital, entrepreneurial opportunities, agility in adapting to change, competitiveness, strong trade and much more.
As per US News & World Reports, the UAE has per capita gross domestic product comparable to that of the top Western European nations and has been acknowledged for its highly competitive economy within the Arab world.
According to the latest data, the United Arab Emirates (UAE) currently boasts a substantial total Gross Domestic Product (GDP) amounting to 508 billion dollars (equivalent to 1.86 trillion dirhams). Impressively, the per capita income in the UAE stands at 87,729 dollars, underlining the nation’s economic prosperity. Notably, as the second largest economy within the Gulf Cooperation Council (GCC) region, the UAE has set an ambitious target of achieving 3 trillion dirhams by 2030. To realize this vision, the country has initiated comprehensive economic diversification strategies, laying emphasis on the cultivation of novel economic sectors. This entails a proactive embrace of the Fourth Industrial Revolution, leveraging cutting-edge technologies to bolster research capabilities, ensure the growth of future industries, and attract increased foreign direct investments.
In 2022, the UAE’s GDP at constant prices amounted to 1.62 trillion dirhams, showcasing a substantial growth of 7.9%. The economy flourished even further, reaching 1.86 trillion dirhams at current prices, which marks a remarkable increase of over 337 billion dirhams when compared to 2021. This translates to a remarkable growth rate of 22.1%.
Within the UAE, several of the world’s largest sovereign wealth funds, including Abu Dhabi Investment Authority, Dubai World, Investment Corporation of Dubai, Mubadala, ADQ, and others, play a significant role. These funds hold immense assets worth trillions of dirhams, serving as a crucial buffer against economic fluctuations worldwide.
As per the comprehensive analysis presented by the US News & World Reports, Switzerland has been identified as the top-ranking country in terms of economic stability. Following closely behind are the United Arab Emirates, Germany, Canada, Japan, Australia, Sweden, Netherlands, Denmark, and Norway. These countries have shown significant economic strength and stability on the global stage.