Abu Dhabi: The UAE has consolidated its position as a main player in the world economy despite the current global crisis and financial crunch.
The UAE was ranked fifth in the world financial stability in the standard index of the World Economic Forum for Global Development in 2011. It was also classified 25th among the best world financial systems. The UAE was ranked first among Arab countries and 19th globally in the Global Enabling Trade Report for 2012, issued by the World Economic Forum. The survey covered 132 countries.
It was also classified among the top 10 countries in the field for efficient import and export procedures and physical security.
The UAE was ranked first among Arab countries and 26th globally out of 183 countries in the Doing Business Report for 2013, issued by the World Bank at the end of October 2012. It also occupied the 24th place globally in the field of competitiveness, according to the report of the World Economic Forum for the year 2012/2013, which included 144 countries
The UAE was ranked first regionally and fourth globally in the ease of doing business, according to a report issued by the International Institute for Development Management in 2012. The country was placed fifth globally in the efficiency of government spending among 145 countries as shown by the Global Competitiveness Report for 2011/2012.
The UAE was also ranked 20th globally among the top exporting countries in the world, according to the report of the World Trade Organisation in 2012, which pointed out that the UAE’s exports in 2011 reached more than $285 billion out of the total world exports $18.2 trillion.
The UAE economy is open and active, and depends on the diversification of its resources based on several pillars that catapulted it to the high ranks among countries of the world. Its economy is also based on advanced infrastructure and sustainable knowledge with the development of resources and maintenance of excellent relations with other countries at various levels.
In addition, the UAE activates the role of private sector and provides high-quality educational services, health and other services that made the UAE a global destination for companies and job seekers, besides being a favourable environment for investment from all global destinations.
The UAE’s income per capita is considered one of the highest in the world, as well as its annual trade surplus.
It was not the availability of financial resources, which was the only driving force behind the acceleration of economic development in the UAE, but also the determination and good management of resources in the context of achieving the outlined objectives. The UAE has achieved in a record period the positive growth rates, thanks to the world-class infrastructure, flexible economic and investment-friendly environment.
The national economy shifted from the oil-based economy to the diversified economy in which the non-oil sectors contribute to more than two-thirds of GDP. All these are reflected in the standards of living and well-being of individuals. Hence, the UAE was classified by the international reports as one of the first countries in the level of well-being.
According to the report issued by the International Monetary Fund (IMF) on May 21, 2013: The state’s economy continues to grow well as the growth of GDP was about 3.1 per cent in 2013 and expected to rise to 6.3 per cent in 2014.
