The UAE’s digital and financial preparedness in the face of the coronavirus disease (COVID-19) pandemic has been recognized as one of the most resilient countries that provides support for SMEs and residents in general, as per reports from the World Economic Forum.
The latest Global Competitiveness Report has ranked the UAE second worldwide on ICT adoption and fourth on digital legal framework, owing to the country’s strategic and comprehensive plans to build and continue innovative transformation towards the growth of its economy, integrating the importance of health and social policies.
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“Economies with strong financial systems such as Taiwan, Finland, US, UAE and Singapore could more easily find resources to provide credit to small and medium enterprises (SMEs), which, in addition to public interventions, contributed to keeping companies afloat in the current context,” read the report from the World Economic Forum.
World Economic Forum also noted that the UAE and countries such as Austria, Switzerland, Luxembourg and Singapore, all have the political stability that allows for efficient, countrywide planning and coordination in the face of a crisis, as seen in the progress of these countries in the face of the COVID-19 pandemic.
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