UAE in Top 40 Prosperous Nations

Knowledge Summit 2018

For right around a hundred years, two estimations have been utilized to get a sense of how well a country is doing. One is GDP or gross domestic product. The gross domestic product (GDP) measures of national income and output for a given country’s economy. The other is its unemployment rate. In any case, with regards to making sense of how well a nation is serving its residents, they may not, in fact, be that helpful at all.

The UAE maintained its situation as the most prosperous nation in the Arab world for the twelfth year consecutively, another study found, with the nation positioned exceedingly for its “ease of starting a business”. As indicated by the 2018 Legatum Prosperity Index, a global ranking that reflects the wealth and well-being of 149 nations, the UAE came in 39th – holding a similar position throughout the previous three years.

The economy of UAE is likely to be accelerated in the third quarter, mostly because of a mix of higher oil costs and rising output, combined with an enduring development in the non-oil economy. Though a recent plunge in prices might weigh on oil revenues in Q4, non-oil activity should remain robust as reflected by a broadly stable PMI and record-high business confidence in October. Generally speaking, the nation’s economic prospects seem splendid throughout the following quarters. FocusEconomics panelists expect GDP to increase by 3.2% in 2019, which is unchanged from last month’s forecast, and 3.3% in 2020.

The UAE has the potential to compete with the developed worldwide economies and join the top 10 list by 2021. The nation pursues the world benchmarks for government financial fields regarding great management of public finances, trust in the strength of the economy, and invigorating advancement in the economic sector  – a continuation of these methodologies will put the UAE in a to an extremely solid position as the next decade starts.