7 factors that enabled the UAE to achieve “zero poverty” among its citizensTruth Consultancy
The partner and general manager of the “Truth” economic and management consultancy, Reda Mosallam, said that the World Bank’s definition of the poverty rate index, which indicated that it reached “zero” among UAE citizens, It is the lowest level of income a person or family needs in order to be able to provide an adequate standard of living in a country.
He pointed out that the per capita income to measure poverty varies from one country to another, as it is estimated between 12 and 15 dollars a day, and for the average family “4 individuals” between 22 and 25 dollars a day.
Reda Mosallam pointed out that, according to this measure, the average annual income per capita in the country exceeds 50 dollars per day, and thus exceeds the rate determined by the World Bank, indicating that this confirms that poverty does not infiltrate to the citizens of the country as it increases what they receive compared to the average of the bank.
He added that this is due to 3 factors, foremost of which is the unprecedented increase in GDP due to the increase in oil prices during 2018, in addition to the increase in the contribution of non-oil sectors to the emirate’s economy, and the second of those factors is the financial surplus represented by the sovereign funds of the local emirates (Abu Dhabi – Dubai), It’s over a trillion dollars.
He pointed out that the third of those is the small number of citizens of the country and that the rate of increase in the gross domestic product exceeds the rate of increase in the population, expecting that the ability of the individual in the country to obtain more goods and services at any time will increase due to the successive increases in the gross domestic product.