Dubai: The future looks bright for the UAE on the world stage with a new report suggesting the country will climb several ranks on a list of the world's largest economies over the next decade.
In one of its latest papers, Euromonitor International says that while still a relatively small economy when sized up against global giants, the UAE will move from its current ranking of 55th most important country economically to 51st by 2020.
The UAE's upward move is part of an international trend in which emerging economies are faring better than in years past as the world's advanced economies suffer more hardship, especially after the global economic crisis that ended in 2009.
The UAE is part of an evolving global marketplace in which "emerging economies are catching up with the advanced world. By 2020, there will be changes in the global balance of economic power," Euromonitor said in its report, Top 10 Largest Economies in 2010.
Euromonitor said "the rise in importance in emerging economies will have implications for global consumption, investment and the environment. Large consumer markets in emerging countries will present enormous opportunities for business."
The economic slowdown in the West among developed countries has been happening since the 1990s due in part to a declining economic trend "accelerated by the global financial crisis in 2008-2009", the report said.
