In the recently published 2024 World Competitiveness Booklet by the International Institute for Management Development (IMD) in Switzerland, Qatar has once again showcased its impressive rankings on various global indices. The country has secured the top position in both consumption tax rate and personal income tax rate within the government efficiency factor, as well as the second rank in the public finance index. Additionally, Qatar has excelled in the business efficiency factor, claiming the first position globally in the effectiveness of corporate boards and migrant stock, and the second place globally in the working hours index. This highlights Qatar’s commitment to excellence and continuous efforts to enhance its competitiveness on the global stage.
In the infrastructure factor, Qatar has emerged as a leader, achieving the top rank in the subfactors of energy infrastructure and the number of internet users per 1,000 people. In the latest World Competitiveness Report, Qatar was positioned 11th out of 67 countries, an improvement from its 12th place ranking last year. The country achieved a fourth place ranking in economic performance, seventh in government efficiency, 11th in business efficiency, and 33rd in infrastructure. This rise in competitiveness is attributed to the country’s improvement in several indicators at the local level and the results of an opinion poll of company managers and businessmen on the business environment and the competitiveness of the Qatari economy.
Qatar’s exceptional economic performance is further highlighted by its ranking in key indicators such as the unemployment rate, youth unemployment rate, and terms of trade index, where it emerged as the global leader. The banking sector in Qatar also experienced a remarkable surge, with a 6.3 percent increase in commercial bank deposits, reaching a total of QR1.024tn in April. Public sector deposits in commercial banks reached QR372.9bn in April, up 0.9 percent monthly and 11.7 percent annually, while private sector deposits saw a 4 percent annual increase to QR467.1bn but declined 0.9 percent compared to March. Non-resident deposits recorded an annual increase of 1.9 percent and a monthly decline of 2.8 percent, reaching QR184.6bn during the same month.
The ranking in the World Competitiveness Report reflects Qatar’s strong economic performance and commitment to enhancing its competitiveness globally. The country’s exceptional rankings in various factors such as government efficiency, business efficiency, and infrastructure underscore Qatar’s dedication to excellence and continuous efforts towards advancement. These achievements demonstrate Qatar’s resilience and ability to adapt to changing global dynamics, positioning itself as a leader in economic competitiveness and growth.
Qatar’s rise in competitiveness is attributed to its improvement in several indicators at the local level, as well as the positive perception of company managers and businessmen on the business environment and the competitiveness of the Qatari economy. The country’s impressive ranking in economic performance, government efficiency, business efficiency, and infrastructure showcases its commitment to excellence and its pursuit of continuous improvement. Qatar’s ability to lead in various global indices highlights its strong economic performance and resilience in the face of challenges, positioning it as a key player in the global economy.
The remarkable achievements of Qatar in the World Competitiveness Report and the surge in the banking sector underscore the country’s strong economic performance and stability. The increase in commercial bank deposits, particularly in public sector deposits, reflects confidence in Qatar’s economy and financial system. Qatar’s ability to attract deposits from both residents and non-residents showcases its attractiveness as a financial hub and a favorable investment destination. This bodes well for the country’s economic growth and competitiveness in the global market, solidifying its position as a leader in the region.
