The United Arab Emirates has achieved a significant milestone in the 2024 World Competitiveness Report, moving up three places to now rank 7th globally. This ranking puts the UAE ahead of countries such as Norway, Iceland, Japan, Canada, and Finland. The report classifies countries based on four main pillars and 20 sub-pillars across economic, administrative, and social fields, taking into account factors such as government efficiency, education, and innovation.
Last year, the UAE entered the Top 10 and continued to perform exceptionally well in the latest report. The country was ranked first globally in employment, internet users, and resolving industrial disputes. It also ranked second in adaptability of government policy, tourism receipts, and absence of bureaucracy. Additionally, the UAE is third globally in collected capital and property taxes, immigration laws, management of cities, and percentage of government budget surplus. It is fourth in controlling consumer price inflation, long-term unemployment, international experience, overall productivity, labour regulation, balance of commercial services, and employment in the public sector.
The UAE’s performance in quality of air transportation, energy infrastructure, graduates in sciences, start-up procedures, unemployment legislation, foreign highly-skilled personnel, and national culture was also highlighted in the report. The country’s positive ranking can be attributed to its strong focus on government efficiency, innovation, and economic growth, as well as its ability to manage competencies for sustainable long-term value creation.
The IMD World Competitiveness report, which has been published annually since 1989, serves as a global benchmark on the competitiveness of countries. It offers insights into trends, benchmarking, and a wealth of statistics and survey data derived from extensive research. The report plays a crucial role in analyzing and ranking countries based on their ability to drive long-term value creation and economic growth.
Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, expressed gratitude to all teams in the government, economic, and development sectors for their efforts in achieving this milestone. He emphasized the collective goal of progress for the United Arab Emirates and highlighted the importance of collaboration and teamwork in driving the country’s overall competitiveness on a global scale.
In conclusion, the UAE’s rise in the global competitiveness rankings is a testament to the country’s commitment to driving economic growth, innovation, and sustainable development. By excelling in various key pillars and sub-pillars, the UAE has positioned itself as a leading global player in terms of government efficiency, economic success, and overall competitiveness. The country’s ongoing efforts to enhance its competitiveness will continue to strengthen its position on the global stage in the years to come.
