Why Thinking Like Nationals Would Be Good For The UAE Economy

There is no doubt that 2017 is a challenging year for the economy with macro trends having an impact. The good news is that the UAE is still forecasted to grow at 1.3% this year, which is more than most European economies, with further growth expected next year (3.4% according to the IMF)

In layman’s terms, the economy, measured by real GDP – or gross domestic product, the sum of all good and services produced, delivered and consumed in the UAE, will grow there is more spending in the UAE, whether that’s consumer spending or any kind of investment taking place. 

If the economy grows, we will receive more revenue (as businesses, or as employees), and the country will proposer with more development and investment in services (transport/healthcare) that will go to serve people living here more.

Economic growth stimulus 

There are lots of ways economic growth can be encouraged, usually known as fiscal policy measures, the UAE has implemented a lot of late with investment in a project that stimulates economic growth. 

Another way to impact economic growth is consumer confidence. If we are secure in our jobs, we will take more loans to invest in our future, we will also spend more on special occasions. All this helps increase the GDP. 

How can thinking like nationals help?

In economies around the world, the ‘buy local’ slogan is common. Supporting local businesses is good for the economy, it circulates cash within and profits remain in the community. We can do this in Dubai by supporting homegrown cafes, startups, and local businesses. 

By being proud of all things made in the UAE, we are thinking like nationals. We will then be proud with Dubai based people have great achievements, and support them. 

When a national team has sporting success, a wave of enthusiasm spreads through the country, this is often said to increase spending and consumer confidence. By getting behind the UAE, (if you are an immigrant) and supporting their sporting efforts as your adopted nation, this will indirectly have an impact on economic growth. This was experienced as the wave of pride when Dubai won the bid to host Expo 2020. 

We don’t need to be Nationals to think like Nationals. 

We all have a Nationality, some countries allow people to change theirs, but generally, you can only have National status in one country. If suddenly, 9 million people from 206 countries became UAE Nationals, a lot of what makes this country great would be lost. 

The UAE does an excellent job at accepting other Nationalities while preserving that UAE culture and identity. This wouldn’t be a good thing if it changed. Many of the reasons why the Economy is growing so well, is the structure of the UAE government. We should do what we can to ensure that this is preserved in every way. 

And in addition, we should think that this is our home, look after it, invest in it, and be proud when our neighbors achieve success. All elements that will ensure everyone in the UAE prospers.