UAE Ranked Second Most Economically Stable Country Globally

A recent study has rated the United Arab Emirates (UAE) as the world’s second most economically stable country, highlighting various factors contributing to this status. 

These factors include abundant entrepreneurship opportunities, easy access to capital, a skilled labor force, agility in adapting to changing conditions, competitiveness, and robust international trade.

Per Capita GDP Comparable to Western Europe:

According to the US News & World Reports, the UAE stands out with a per capita gross domestic product (GDP) on par with top Western European nations. 

Additionally, the UAE is recognized as the most competitive economy in the Arab world.

Economic Growth and Diversification Goals:

The UAE’s total GDP currently stands at $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), the UAE has set an ambitious target of reaching Dh3 trillion by 2030. 

This goal involves implementing new economic diversification strategies, supporting emerging economic sectors, embracing the Fourth Industrial Revolution, and leveraging advanced technologies to boost research capabilities, foster future industries, and attract foreign direct investments.

Impressive Economic Growth in Recent Years:

Official figures reveal that the UAE’s GDP at constant prices reached Dh1.62 trillion in 2022, reflecting a remarkable growth rate of 7.9 percent. 

In terms of current prices, the economy surged to Dh1.86 trillion in 2022, marking an increase of more than Dh337 billion compared to the previous year, representing a growth of 22.1 percent.

Abundant Sovereign Wealth Funds for Economic Resilience:

The UAE is home to some of the world’s biggest sovereign wealth funds, including the Abu Dhabi Investment Authority, Mubadala, Investment Corporation of Dubai, Dubai World, ADQ, and others. 

These funds hold trillions of dirhams in assets, providing a crucial cushion against economic volatility on the global stage.

Global Ranking of Economically Stable Countries:

According to the US News & World Reports, the top economically stable countries are led by Switzerland, with the UAE securing the second position. 

Following the UAE, other countries in the top rankings include Canada, Germany, Japan, Sweden, Australia, Netherlands, Norway, and Denmark.