Op-ed by Hisham Al Gurg, CEO, Seed Group and the Private Office of Sheikh Saeed bin Ahmed Al Maktoum
We are living in a very unpredictable time, when many countries around the world are struggling to keep their economies afloat. They are trying their best to implement policies that could revive their GDPs, minimise unemployment rates, create new verticals of revenue generation, and boost their financial transactions.
As the pandemic lingers on and the aftermaths of the disruptions it caused keep affecting businesses, the time is being correctly defined as a RECOVERY period.
But of all, if there is a country in these difficult times that has not only managed to subside the negative consequences of the pandemic on its economy but has also set the bar high with ambitious economic development plans, it is the UAE.
The recent announcement by the UAE government to double the size of its economy over the coming decade, despite a myriad of virus-induced hurdles and negative business sentiments, adds to our confidence. It is a clear personification of not bogging down with the initial blows and to take challenges head-on and lead from the forefront.
After being lauded internationally for its proactive response to the pandemic, the new commitment injects a sense of optimism and motivation among the business community in the country – especially the Small and the Medium Enterprises that contribute to more than half of the national economy.
The announcement was recently made by the Economy Minister Abdulla Bin Touq in a statement where he said, the UAE is “working according to an ambitious vision to double our national economy over the next 10 years to reach AED 3 trillion by 2031″.
The goal is undoubtedly humongous but the UAE leadership is steadfast to achieve it through its wise policies and business-friendly approaches. The country plans to take the tech-route to accomplish this goal and to align it with other national projections that seek to make the UAE one of the best countries in the world. Technology, being one of the main factors behind the global economic development in the recent past, will play a crucial role in our march towards this goal.
For initial propulsion, the forecast is already bright. As per the Central Bank of the UAE, the country’s economy is set to grow by 2.5 per cent in 2021 and the non-oil economy is poised to surge by 3.6 per cent. This growth is forecast to continue soaring at 3.5 per cent and 3.9 per cent in 2022, for economy and non-oil economy, respectively.
Therefore, this latest plan to double the nation’s economy and the recently announced Operation 300 billion initiative are all efforts of the government to create a more empowered and sustainable economy – which directly translates to more jobs, more opportunities, better living and happy people.
And isn’t that what the ultimate goal of an ideal nation should be? With favourable statistics and a futuristic vision, the gigantic task of doubling the economy in a decade is not only achievable but it is exemplary too.
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