UAE remains buoyant to the global pandemic: World Economic Forum Report

UAE stands tall as the leading country that is resilient to the pandemic, with its stable policies, high Information and Communication Technology (ICT) adoption and a strong financial system that provides help to the SME’s, says a report by World Economic Forum.

As per the report, the UAE economy was able to cope up with the financial crisis the pandemic has caused with their excellent planning and strong financial system.

UAE has been ranked second and fourth for their ICT adoption and digital legal framework respectively in the Global Competitiveness Report. Among the data collected from 37 countries which was categorized to 11 priorities, UAE is listed as one of the leading countries to have a stable economy amongst all the chaos.

The World Economic Forum had to suspend their ranking system in the report due to the unprecedented turn of events, but they are measuring which countries are prepared for recovery and for the future economic transformation that is yet to come.

The report states that “Economies with strong financial systems such as Taiwan, Finland, US, UAE and Singapore could more easily find resources to provide credit to small and medium enterprises (SMEs), which, in addition to public interventions, contributed to keeping companies afloat in the current context.”

The body based in Switzerland was of the opinion that countries like Singapore, Switzerland, Luxemburg, Austria and UAE have the political stability for better planning and coordination. The report also said that the economic recession that followed the pandemic still haunts the world and may continue to have consequences in the social and economic field.

COVID-19 has made a drastic change on the world as a whole. With the second wave of the virus being spread, the countries fear more damage. Countries like UAE managed the crisis in a positive way, providing aids to businesses, but the question on how long every country can hold on still remains.