GCC’s GDP Growth Rate: UAE and Saudi Arabia To Leave Everyone Behind
When it comes to business, we can never take any decision for granted. Every little choice should be calculated as it further decides the future of your business. One of the biggest decisions is to choose the right place to growbusiness in the UAE. What can be a better place than Gulf countries to set up a new business? Especially if we talk about the UAE, it is a great business hub and has great GDP Growth.
Dynamic GDP Growth: The Glorious Past of UAE
According to reports, the country has grown at a dynamic rate of around 2.5% in the last five years. What do you think has led to this economic growth in the UAE? Well, it is quite obvious that its economy has grown enormously due to an increase in the production and pricing of oil.
As we all know, the economy of the UAE is inextricably related to oil production. It is also true that the oil and gas sector makes up around 51% of the country’s GDP growth. However, in the past five years, it has seen growth owing to other businesses as well. Reports claim that many businessmen who tried to grow business in the UAE have earned profit after establishing their company and business there.
What The Future Beholds For The Economy?
The UAE has indeed suffered due to the coronavirus pandemic. However, after the great vaccination drives, the business and economy are again catching speed. According to experts, the GCC, led by the UAE and Saudi Arabia, would witness a faster economic rebound due to high oil prices, broad-based corporate recovery, and increased foreign capital inflows.
Many analysts have upgraded their growth forecasts for the GCC in recent weeks due to sustained improvement in economic circumstances, fueled by improved fiscal and external balances. Moreover, it is also forecasted that 2022 will be profitable for the businesses, and the economy will see high GDP growth. The country’s economy is expected to see a current account surplus of around 180 billion dollars in the coming year.
How Can FlyingColour Help You To Grow Business In UAE?
When you set up a business, you need to focus on many things, and the financial aspects of your business demand a lot of attention. If you set up a company or try to growbusiness in the UAE, you will surely earn a high level of profit in the coming years. You can’t just go with any random company to aid you with the consultancy and the tedious setup procedures.
We, at FlyingColour, have a team of experts who have over a decade’s worth of experience in setting up a business and we can assist you with the entire setup procedure in the breeziest way possible. To know more, contact FlyingColour.
