Positive indications on UAE’s economic growth

A UAE newspaper has said that the economic indicators that chart the UAE’s accomplishments in foreign investment, innovation and entrepreneurship, development, competitiveness and the per capita gross national product, reveal a highly positive trend and that’s exciting news for citizens and residents.

The competitiveness indicator report, released on Monday, involves exhaustive work and is published on an annual basis as a part of the Economic Forum Report and covers 138 countries.

In an editorial on Tuesday, The Gulf Today said, "The assessment is based on information and statistics issued by participating countries, in addition to surveys on views of top executives and investors.

The paper went on to say, "The UAE has topped Arab countries in the 2016-2017 report and moved from 17th to 16th position in the 2015-2016 period. There are several factors that favour the UAE as a safe and secure investment destination.

"For example, the country has occupied the first position in the indicator, 'Absence of crime and violence in business,' and the second position in 'People’s confidence in the leadership,' along with the indicator, 'Lack of wasteful government spending'.

"On the infrastructure front too, the UAE has scored high marks. It has occupied first position internationally in the 'Quality of roads' indicator, and second position in 'Airports and airlines infrastructure quality'.

"Also, the UAE occupied an advanced position among 15 countries throughout the world in 5 of the 10 indicators covered.

"It occupies the first position in ease of paying taxes, fourth in the ease of obtaining construction permits and ease of connecting electricity, ninth in the protection of minor investors and 11th in the ease of registration of properties.

"Thanks to a focused leadership and determined workforce, the UAE’s economy witnessed a great improvement in 2016, with the GDP doubling from AED663 billion to AED1,360 billion. The UAE’s non-oil exports also increased from AED113 billion to AED603 billion, accounting for the non-oil sector’s share in the GDP going up from 66 to 77 percent.

The editorial continued, "The share of government services in the GDP increased from AED23 billion to a whopping AED86 billion. It may be recalled that the leading global communications marketing firm, Edelman, earlier ranked the UAE in first position, in terms of people’s confidence in the government. The nation is unmistakably on a progress path going by its impressive track record.

The paper concluded, "The competitiveness indicator report unambiguously reflects the UAE 2021 Vision to become among the best countries in the world during its 50th anniversary."