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For the seventh year in a row, the UAE topped the Arab economies and countries of the Middle East and North Africa region in the Global Competitiveness Yearbook Report 2023, as the country advanced from the 12th place in the 2022 ranking to the tenth place globally in the 2023 ranking.
According to the report issued by the Global Competitiveness Center, on Tuesday, of the International Institute for Administrative Development (IMD) in Switzerland, in the thirty-fifth edition of the Global Competitiveness Yearbook, the UAE continued its progress from sixth to fourth in the world in the economic performance axis.
His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai said, “The annual report on global competitiveness was issued today in Switzerland by the Global Competitiveness Center, and the UAE was among the top ten countries in the world in the field of competitiveness.
“Leading the world in the global trade axis and in several indicators such as city management, energy infrastructure, the government’s ability to adapt to changes, the absence of bureaucracy, and others.
“Its outstanding economic performance also ranked it fourth in the world.
“I congratulate my brother, the President of the UAE… and I congratulate the thousands of work teams that continue day and night… and I congratulate the people of the UAE, who, through their efforts, sincerity, dedication, and rallying around their leadership, have deserved the best ranks in the world…”
The UAE ranked 12th in the Global Competitiveness Yearbook for the year 2022, down from 9th place in the years 2020 and 2021.
Regionally, the UAE topped, and the 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, and 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 diversifying the local economy and building a vibrant and competitive labor market that can promote innovation and provide job opportunities for all the led to the success of the UAE.
Regionally, Qatar follows the UAE in second place in the Arab world and twelfth in the world, i.e. advancing six ranks, while the Kingdom of Saudi Arabia ranks third in the Arab world and seventeenth in the world, advancing from the twenty-fourth place, while Bahrain ranks fourth in the Arab world and in the twenty-fifth place, 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 after 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 significant 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 Reducing inflationary pressures and uncertainty in 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 own internal affairs, to achieve their own interests, as we see in the case 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.
The 35th edition of the Global Competitiveness Book, issued by the Global Competitiveness Center of the International Institute for Management Development (IMD), measures the prosperity and competitiveness of 64 economies around the world.
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