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December 17, 2015 | 10:35 | Dubai
The UAE has ranked a high 40th out of 144 countries worldwide, ahead of all other GCC countries as well as Russia, Brazil, China and India on Forbes’ annual list of the best countries for business in 2015. With the GDP at $402 billion as of December 2015, GDP growth rate of 4.6%, GDP per capita at $66,300, and public debt/GDP of 45%, the UAE has also scored high on metrics like monetary freedom, property rights, innovation and technology, according to Forbes.
Denmark topped the list followed by New Zealand, Norway, Ireland, Sweden, Finland, Canada, Singapore, Netherlands, and the UK among the top 10 countries. The US has been ranked at 22. “The UAE has an open economy with a high per capita income and a sizable annual trade surplus. Successful efforts at economic diversification have reduced the portion of GDP based on oil and gas output to 25%,” the publication said.
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