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Why centre of global economic gravity is shifting towards the UAE

Why centre of global economic gravity is shifting towards the UAE

UAE is well-positioned to act as a connecting bridge to the new centre of global economic gravity, according to Ian Goldin, professor of globalisation and development in the University of Oxford “The centre of global economic gravity is shifting fast… the UAE is ideally placed to be a bridge to the centre,” according to Ian

UAE is well-positioned to act as a connecting bridge to the new centre of global economic gravity, according to Ian Goldin, professor of globalisation and development in the University of Oxford

“The centre of global economic gravity is shifting fast… the UAE is ideally placed to be a bridge to the centre,” according to Ian Goldin, professor of globalisation and development at the University of Oxford.

Speaking at the 20th edition of the Cityscape Global summit, Goldin believes that “by 2040, the world economy will look very different”.

As part of these monumental shifts that have been greatly accelerated by the pandemic, he said: “China will be by far the biggest economy in the world, accounting for about 18 percent of global economic activity, and the US would have slipped from number one to number three, accounting for about 12 percent of economic activity.

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“India will be bigger than the US at number two, accounting for 15 percent of global economic activity and Indonesia will be close behind the US with about 10 percent of global economic activity, and Europe combined will be about 10 percent.

Goldin further explained that the UAE has a “comparative advantage” in the region, with more people expected to fly over and leverage the encouraging results of the recovery witnessed in the property and real estate sectors.

Further strengthening the UAE’s status as a global business hub, Goldin shared how initiatives such as the Golden Visa are also encouraging an influx of foreigners to the UAE, especially as remote working remains prominent.

“We will see a relocation to Dubai for professional services that can be done remotely… this is a huge opportunity for Dubai,” he said.

“The UAE has been a master at managing globalisation and understanding that it brings immense benefits. The progress of the UAE over the last 60 years reflects what globalisation can do.”

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