Saturday, October 20, 2018
Directory Directory Subscribe

UAE 7th Most Competitive Economy in the World


Please, enter data

Please, enter data

Al Bawaba, 24 May 2018

The UAE has jumped three places to become the seventh most competitive economy in the world in 2018, its best ranking ever, reveals a global study released on Wednesday.

The IMD World Competitiveness Centre's 2018 data showed that the UAE secured No. 1 ranking in 20 indicators and achieved top positions in several others.

The UAE surpassed Norway (8), Sweden (9), Canada (10), Germany (15), Australia (19), UK (20), Japan (25), France (28) and Italy (42) in the rankings.

Jose Cabellero, senior economist at IMD World Competitiveness Centre, told Khaleej Times that the UAE has made tremendous progress in competitiveness in the last years, climbing to the top 10 in 2017 and further advancing to the 7th position in 2018, driven by top ranking in areas such as 'international trade', 'international investments' and 'attitudes and values', to mention a few.

"The UAE is a competitiveness model for the rest of the world. The public sector facilitates free enterprise; it provides the infrastructure and regulation that the country needs. At the same time, the private sector is innovative and socially responsible. Companies are agile and corporate governance is sound," he said.

In order to improve its ranking further, Cabellero said the UAE needs to improve in some segments such as social fairness, investment in education and high illiteracy among a certain segment of its population.

"The health system still relies on private financing and health infrastructure is not at the level like other top countries. These are not difficult challenges for the UAE; the right policy can be implemented because the country enjoys a social consensus of what must be done, and its rulers are pro-business and pro-competitiveness. Therefore, the upward path of the UAE in world competitiveness is bound to continue in the coming years," Cabellero added.

Anita Yadav, head of fixed income research at Emirates NBD Research, said the main reason supporting the improvement in ranking is the UAE government's commitment to improvise the business climate and investment environment to attract international investors.

In addition, several other factors assisted in improving the ranking, such as the absence of tax, improving the efficiency of government spending, ease of dealing with the government, including ease of paying taxes and supportive road, port, and air infrastructure. The IMD World Competitiveness Centre's 2018 report data showed the UAE topped in current account balance (percentage of GDP), attitude and values in business efficiency, international trade, employment percentage, relocation threats of production, relocations threats of R&D facilities, relocation threats of services, consumption tax rate, government decisions, ageing of society, immigration laws, redundancy costs, labour force, overall productivity, international experience, competent senior managers, attitude towards globalisation, need for social and economic reforms, public-private partnerships and quality of air transportation.

Al Bawaba

Login to Add Your Comment  (for subscribers) | Subscribe


Latest News

Russian and Egyptian presidents meet to boost trade
Arab News, 17 October 2018

Russian President Vladimir Putin is hosting his Egyptian counterpart Abdel-Fattah El-Sisi for talks focusing on ways to boost trade between the two nations.

Read full story
Russian and Egyptian presidents meet to boost trade
Dubai Route 2020 station bridges work on track
TradeArabia News Service, 16 October 2018

Dubai officials said all the bridge works related to the Route 2020 network will be completed by the end of next month.

The new route covers the ...

Read full story
Dubai Route 2020 station bridges work on track
Egypt reaches $3bn financing deal with World Bank
Xinhua , 16 October 2018

The World Bank (WB) has agreed on a new financing deal of three billion U.S. dollars with Egypt, Egyptian Investment Ministry said in a statement on Tuesday.

Read full story
Egypt reaches $3bn financing deal with World Bank
Back to Home Page 3269 --- 0 <><><> 696.83333333333.....exvideo=0....eximage=0
P 0
BR 19

KSA Manufacturing Tech Show
22 - October 2018
3rd Annual Future Police Technology and Forensics Summit GCC 2018
12 - November 2018
3rd Annual RetrofitTech KSA
18 - November 2018
3rd Annual Mosque Design & Development Summit
26 - November 2018
3rd Annual Dubai Green Hotel Innovation
26 - November 2018
  View more  

Market Indecies
Saudi SE - 2.32%
Dubai FM - 4.53%
Abu Dhabi SE - 3.99%
Kuwait SE - 1.51%
Doha SM - 8.36%
Muscat SM - 6.18%
Casablanca SE Closed
Bahrain SE - 0.98%
Cairo SE Closed
Amman SE - 1.12%

Quick Links
  Brochures & Flyers  

Up-coming events
  Hospitality Qatar - 6 November - 8 November 2018  
  HQ - Food Qatar - 6 November - 8 November 2018  
  Sustainable Digital Ecosystem Summit - 4 December - 6 December 2018  
  Food Africa Cairo - 8 December - 10 December 2018  
  Mac Fruit Attraction - 8 December - 10 December 2018  
  Project Qatar - 29 April - 1 May 2019  
  Heavy Max - 29 April - 1 May 2019  
  Qatar Stone Tech - 29 April - 1 May 2019  
IFP Group Events Calendar

Magazine sections
  Growth Markets  
  Regional Overview  
  Tips and Tricks  
  Home Finance  
  Our Meetings
  Legal Issues


IFP Corporate
• IFP Emirates
• IFP Lebanon
• IFP Qatar
• IFP Iraq
• REC Saudi Arabia
• IFP China
Beirut Boat
Energy Lebanon
Project Lebanon
Sustainable Digital Ecosystem Summit
Heavy Max
Hospitality Qatar
HQ - Food Qatar
Project Qatar
Qatar Stone Tech
Saudi Arabia
Riyadh Motor Show
IFP Group 2018 - © All rights reserved