The UAE ranked first in the Arab World and 25th globally in the Global Competitiveness Report 2019, released by the World Economic Forum, Davos., on Wednesday
DUBAI, (Pakistan Point News - 09th Oct, 2019) The UAE ranked first in the Arab World and 25th globally in the Global Competitiveness Report 2019, released by the World Economic Forum, Davos., on Wednesday.
According to the report, which assesses the competitiveness landscape of 141 economies, providing unique insight into the drivers of economic growth, the UAE gained two positions since the last edition.
Commenting on the landmark achievement, Mohammad bin Abdullah Al Gergawi, Minister of Cabinet Affairs and The Future, and Chairman of the Federal Competitiveness and Statistics Authorit, FCSA, said:'' We are pursuing the approach set out by President His Highness Sheikh Khalifa bin Zayed Al Nahyan, and His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, which focuses on hard work and diligence to improve and develop performance in all competitiveness indexes, especially those associated with the UAE Centennial 2071 project, through modernisiation and updating of legislations and streamlining procedures as well as adoption of innovation to move up the scale of global competitiveness and deliver the leadership's vision and sustain development in competitiveness indicators.'' Abdullah Lootah, Director General of FCSA, said the UAE government gives top priority to the process of continuous improvement of performance in vital sectors including economy, health, education and advanced sciences through which our national economy be able to join the ranks of advanced global economies. This, he noted, will be made possible through continuous development of the economic structure by introducing legislations and resolutions on economic, administrative and corporate sectors which stimulate and accelerate the pace of growth in economic activities, support economic diversification strategy and create an attractive economic environment for both investment and investors.
The Global Competitiveness Report 2019 ranks 141 countries across 12 pillars; Institutions, Infrastructure, ICT adoption, Macroeconomic stability, Health, Skills, Product market, Labour market, Financial system, Market size, business dynamism and Innovation capability. The 12 pillars include 103 key indicators and 22 sub-indicators.
In detail, the UAE has made significant improvements in 52 indicators in this year's report and maintained its performance in 27 indicators of the 103 indicators.
The UAE has been ranked among the world's top five countries in 19 indicators and among the first 20 countries globally in 57 indicators - more than 50 percent of indicators monitored by the report this year.
In sub-indicators, the UAE came first globally in the Macroeconomic stability, second in ICT adoption and fourth in Product market.
The UAE also advanced in eight out of 12 key pillars: Infrastructure; ICT adoption; Education; Skills;Product market; Labour market; Business dynamism and Innovation capability.
As for sub-indicators, the UAE advanced in 17 out of 22 sub-indicators in 2019.
Singapore has overtaken the United States to become the most competitive nation in the world, according to the 2019 Global Competitiveness Report. Hong Kong was the third most competitive economy worldwide followed by The Netherlands.
