The much anticipated list of the World's 25 fastest growing markets is out and UAE has earned a spot in the Top-25.
The report by Ernst & Young, one of the largest professional services networks globally, states that UAE has been growing at 4.3 per cent for over a decade, putting it in the same league as other rapid growth economies like Qatar and Saudi Arabia.
Overall Qatar had the highest nominal GDP (US$) per capita at PPP in 2010 among the Top-25, followed by the UAE.
The rapid growth markets are likely to grow collectively by 6.2 per cent in 2011, more than four times than the Eurozone, E&Y added in its latest Rapid Growth Markets Forecast (RGMF).
What is more the 25 RGMs will account for 38 per cent of world consumer spending and 55 per cent of world fixed capital investment. By 2020, rapid growth markets will account for 50 per cent of global GDP when measured at purchasing power parity (PPP).
“Rapid growth markets are becoming increasingly important in terms of both their overall weight in the world economy and their global influence. While the advanced economies struggle with weak growth, rapid growth economies seem well-placed to better weather the economic storm," Bassam Hage, MENA Markets Leader, Ernst & Young, said.