UAE tops list of 89 countries, and ranks high for entrepreneurship and being open for business
The UAE has been named the world’s most economically stable country in a new ranking. The country tops a list of 89 countries released by US News and World Report.
The UAE also ranked high for ‘entrepreneurship’ (No 15) and ‘open for business’ (No 33).
Under the ‘entrepreneurship’ category, the UAE scored an impressive 86.9/100 points for connectivity to the rest of the world. It also achieved a score of 90.7 for being entrepreneurial. The UAE also scored high for having a well-developed infrastructure (84/100) and digital infrastructure (87/100).
Most importantly, the country scored 100 for having a favourable tax environment.
Under ‘quality of life’ subhead, the UAE achieved a score of 86.9 for having a good job market, and a full 100 for being economically stable.
“The UAE’s per capita gross domestic product is on par with those of leading Western European nations, according to the CIA’s World Factbook. And the World Economic Forum has named the country the most competitive economy in the Arab world,” the report said.
“The UAE is one of the Gulf’s most liberal countries, with a constitution that allows for freedom of religion,” the report added.
Switzerland, Germany, Canada, Japan, Australia, Sweden, Denmark, Netherlands and Saudi Arabia were the other countries in the top 10.
Strong GDP projections
According to a recent IMF report, the UAE’s GDP is anticipated to hold steady at 4 percent in 2024, with an increase to 5.1 percent projected for 2025.
This forecast was launched during the 2024 IMF/World Bank Group Annual Meetings, which also predicted that the economies of the Middle East and Central Asia will grow by 2.4 percent and 3.9 percent in 2024 and 2025, respectively.
Earlier this month, the World Bank released its semi-annual MENA Economic Update, projecting the UAE’s GDP growth at 3.3 percent in 2024, increasing to 4.1 percent in 2025. According to the report, the UAE’s current account surplus is expected to decrease to 7.5 percent in 2024, down from 9.2 percent of GDP in 2023, despite ongoing diversification efforts.
Additionally, in July 2024, the Arab Monetary Fund (AMF) projected the UAE’s economy to grow by 3.9 percent in 2024, rising to 6.2 percent in 2025.
The report emphasized that the UAE’s economy is underpinned by strong fundamentals, supported by a dynamic non-oil sector and effective public and monetary policies aimed at fostering economic growth, financial stability, and the soundness of the financial system.
SOURCE & CREDITS: economymiddleeast.com