UAE economy ranked resilient in region
UAE economy proves mettle again, ranked most resilient in the region. The index measures three categories –— economy, risk quality, and the supply chain.
The UAE has been rated the most resilient economy in the region in 2021, higher than some of the world’s bigger economies such as Italy, South Korea, Israel Malaysia, Saudi Arabia, China, and India, says a new study.
The UAE has been ranked 32nd worldwide in the list of 130 countries in the FM Global Resilience Index 2021, ahead of Qatar (34th), Israel (37th), Bahrain (49th), Saudi Arabia (55th), Turkey (60th), India (62nd), Oman (69th), China (77th) and Kuwait (86th).
The index measures three categories — economy, risk quality and the supply chain.
The strong resilience and confidence in the UAE’s economy during the year of pandemic reflects its effective government measures, investor-friendly policies, innovative approach towards new challenges, and success against Covid-19.
Global rating agency Moody’s Investors Service has also stated that the UAE economy’s resilience to shocks is above the average when compared to other sovereigns that it rates, thanks to its relatively large nominal GDP, which stands at $354 billion (Dh1.3 trillion).
Moody’s said the UAE’s economic resilience to shocks demonstrates its effective policy measures. It said Abu Dhabi’s stable outlook also reflects that its fiscal strength will remain resilient to risks related to pandemic, particularly given the world-leading vaccination efforts by the UAE capital.