The United Arab Emirates (UAE) has made a notable leap in the 35th edition of the Global Competitiveness Report, issued by the World Competitiveness Center of the International Institute for Management Development (IMD). Emerging as the regional leader, the UAE now also sits among the top ten globally competitive economies.
The exceptional performance of the UAE has played a pivotal role in positioning the nation within the top ten across more than forty key and sub-competitiveness indicators. These encompass factors such as economic performance, global trade, employment rates, the adaptability of governmental policies, business legislations, social framework, infrastructure, and more.
Despite the economic recession experienced worldwide in the past year and the significant downturns many economies faced, the UAE has managed to bolster its economic competitiveness. Moving up from the 12th position globally, the UAE now sits within the world’s top ten. This improvement stands as a testament to the strength of the Emirati economy, the adopted local policies, and the success of the Emirati experience in diversifying the local economy and constructing a vibrant, competitive labor market capable of fostering innovation and offering job opportunities for all.
Regionally, Qatar follows the UAE, holding the second position in the Arab world and the 12th globally, thus advancing six places. The Kingdom of Saudi Arabia stands third in the Arab region and 17th globally, rising from the 24th position. Meanwhile, Bahrain is fourth in the Arab region and 25th globally, followed by Kuwait (sixth), which is included in the report for the first time and is 38th globally. Jordan remains at the end of the Arab list, ranking 54th globally.
Globally, Denmark has retained the top spot in the report, followed by Ireland, which jumped nine places. Then comes Switzerland, while Singapore fell to fourth place. The Netherlands managed to return to the top five after declining last year. The remainder of the top ten are: Taiwan in the sixth spot, Hong Kong in the seventh, Sweden in the eighth, the United States in the ninth, and the United Arab Emirates rounding out the top ten.
According to the report’s results, global business confidence levels seem to be somewhat low, with fears of a global economic recession or slowdown, inflationary pressures, and geopolitical conflicts outweighing environmental and climate change concerns.