According to the World Economic Forum’s Global Competitiveness Report 2019, the UAE has been ranked as the most competitive economy in the Arab region for the fourth consecutive year.
Globally, the UAE ranks 25th, up two points from a year ago.
The UAE has improved in 52 of the 103 indicators in the report. The country was also ranked among the top five economies in 19 indicators, and among the 20 leading indicators worldwide in 57.
At the regional level, the report found that most Arab countries experienced an improvement in the rankings except Oman, Lebanon and Yemen.
The UAE came first, followed by Qatar (29) and Saudi Arabia (36). Kuwait witnessed the largest improvements in the region (sixth, ninth and eighth).
The report also found that while most countries in the region have improved “substantially” in the adoption of ICTs, many countries have established sound infrastructure, and greater investments in human capital are needed to transform them into more innovative and innovative economies.
Overall, the report found that the global economy remains locked in its role of low or flat productivity growth despite the pumping of more than $10 trillion by central banks since the global financial crisis a decade ago.
“While these unprecedented measures were successful in averting a deeper recession, they are not enough on their own to catalyse the allocation of resources towards productivity-enhancing investments in the private and public sectors,”. As monetary policies begin to run out of steam, it is crucial for economies to boost research and development, enhance the skills base of the current and future workforce, develop new infrastructure and integrate new technologies, among other measures,”.
In general, the most competitive economies were found to be Singapore, followed by the United States, Hong Kong, the Netherlands and Switzerland.
Klaus Schwab, founder and CEO of the World Economic Forum, said. “The report shows that countries that integrate into their economic policies the focus on infrastructure, skills and research and development are more successful than those that focus only on traditional factors of growth.”
The report assesses the competitive landscape of the 141 economies through 103 indicators organized in 12 pillars, including institutions and infrastructure, ICT adoption, macroeconomic stability, health, skills, product markets, labor, financial system and others.