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UAE leads the Arab world in key globalisation index
Source: BI-ME , Author: Trevor Lloyd-Jones
Posted: Thu June 22, 2006 12:00 am

UAE. The United Arab Emirates ranked among the top 25 nations in a key globalisation index that measures the country's political, economic and social performance over a period stretching more than 30 years. The UAE also came second in the Arab world in an international economic freedom index and a transparency scale introduced by key world institutions.

The Swiss Institute for Business Cycle Research (KOF) placed the UAE 21st in its Globalization Index that covers 123 advanced and developing countries and their performance in those fields during the period 1970-2003.

The UAE was awarded 3.69 points in the index, which tracked the country's information and performance in such fields on a yearly basis during that period. By getting that mark, the UAE ranked first among Arab countries and 21st among the countries listed in the index, surpassing all 11 Arab nations covered in the scale and surging ahead many developed states.

The US got the top place in the KOF Globalization Index, receiving 5.41 points. It was followed by Sweden, Canada, UK, Luxembourg, Austria, France Australia, Switzerland, Hong Kong, Ireland, Singapore, New Zealand, Finland, Japan, Belgium, Netherlands, Denmark, Norway, Germany and the UAE.

Israel ranked 22nd followed by Spain, Czech Republic, Italy, Portugal, Hungary, Iceland, South Korea and Malaysia.

The index measures three main dimensions of globalisation: economic, social, and political. In addition to three indices measuring these dimensions, KOF calculates an overall index of globalisation and sub-indices referring to actual economic flows, economic restrictions, data on personal contact, data on information flows, data on cultural proximity and other fields.

The Economic Globalisation section covers data on actual flows, trade and its percentage of the GDP, foreign direct investment, portfolio investment, data on restrictions, and hidden import barriers.

Social Globalisation covers data on personal contact including outgoing telephone traffic, sum of gross inflows and gross outflows of goods, services, income, or financial items and sum of arrivals and departures of international tourists as a share of the population.

It also involves the foreign population (percentage of total population), data on information flows, internet users, cable television subscribers, daily newspapers (per 1000 people), radios and data on cultural proximity.

Political Globalisation involves the number of embassies in a country, membership in international organizations, number of international inter-governmental organizations, and participation in UN Security Council Missions, including peacekeeping operations.

The UAE also got the second rank after Bahrain in the Arab world in the Economic Freedom Index of the Heritage Foundation and the Wall Street Journal. It also ranked as the second Arab country after Oman in the Transparency Index International.

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