2023-06-20 11:02:33
The thirty-fifth edition of the Global Competitiveness Yearbook, issued by the Global Competitiveness Center of the International Institute for Administrative Development (IMD), witnessed the UAE leading the countries in the region, and its solutions among the top ten globally among the most competitive economies in the world.
The UAE’s very positive performance contributed to the country’s ranking among the top ten in more than forty main and sub-indicators of competitiveness, including: economic performance, global trade, employment rates, adaptability of government policies, business legislation, societal framework, infrastructure, and others.
Despite the economic recession that the world witnessed during the past year, and the significant decline in the performance of many economies, the UAE was able to enhance the competitiveness of its economy to advance from the 12th place in the world to be among the top ten countries in the world, which is evidence of the strong performance of the UAE economy. , the local policies followed, and the success of the UAE experience with regard to diversifying the local economy and building a vibrant and competitive labor market that can promote innovation and provide job opportunities for all.
Regionally, Qatar ranked second in the Arab world and twelfth globally, advancing six ranks, while the Kingdom of Saudi Arabia ranked third in the Arab world and seventeenth globally, up from the twenty-fourth place, while Bahrain ranked fourth in the Arab world and twenty-fifth, followed by Kuwait (sixth). Which enters the report for the first time, and ranks thirty-eighth in the world, while Jordan ranks last in the Arab world, and ranks fifty-fourth globally.
Globally, Denmark maintained its lead in the report, followed by Ireland, which jumped nine places, then Switzerland, Singapore fell to fourth place, and the Netherlands was able to return to the top five following its decline last year. As for the rest of the top ten, they are: Taiwan in sixth place, Hong Kong in seventh, Sweden in eighth, the United States of America in ninth place, and the United Arab Emirates in tenth place.
According to the results of the report, it is clear that the levels of confidence in global business are somewhat low, as the risks of global economic recession or slowdown, inflationary pressures, and geopolitical conflicts outweigh the concerns of environmental issues and climate change.
The big change in the ranking, and the decline of many countries in their ranking, is attributed to the long-term results of the closures that accompanied the pandemic, and to the prevailing political fragmentation, which is mainly due to the Ukraine war, and Professor Arturo Bres, Director of the Center for Global Competitiveness of the Institute for Management Development IMD says: “ With the easing of inflationary pressures and uncertainty in the global stock markets, the picture becomes clear to us, and we see who is the winner and who is the loser in a context in which multiple crises overlap.The result is that more countries are beginning to focus on their internal affairs, to achieve their own interests, as we see in the cases of Singapore and India. Therefore, world leaders who wish to enhance their countries’ competitiveness must better understand the complex interrelationships between inflation, geopolitical risks, and a fragmented world.”
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