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Six Arab countries advance in 2024 World Competitiveness Ranking

Six Arab countries advance in 2024 World Competitiveness Ranking
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Mubasher: The 2024 World Competitiveness Report included six countries from the Arab region which all showed progress in this year’s ranking, according to the International Institute for Management Development (IMD) data.

The UAE led the Arab states, advancing three places to rank seventh out of the total 67 included countries from across the globe.

Commenting on the USE progress, Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, stated: “In one of the most important global competitiveness reports issued by the International Institute for Management Development in Switzerland, the UAE moved up three places, reaching the seventh place globally. The UAE is also among the top ten globally in more than 90 key and sub-indicators in the 2024 World Competitiveness Report."

Qatar, Saudi Arabia, and Kuwait advanced by one position to rank 11th, 16th, and 37th, respectively.

The ranking is announced based on measuring economies with population size and GDP on both ends of the scale, relying on four factors, namely economic performance, government efficiency, business efficiency, and infrastructure.

Bahrain ranked 21st after it showed progress by four places. Jordan, meanwhile, was the top among the six Arab countries in terms of advancing after it climbed six positions to rank 48th.

On the global level, Singapore is positioned as the most competitive economy out of the 67 across the world’s eight major regions.

Switzerland was second and Denmark third, while Nigeria, Ghana, and Puerto Rico made their débuts.

Director of the IMD World Competitiveness Center, Arturo Bris, commented on the results by saying: “It [ranking] serves as a benchmark for these countries to measure their progress and identify areas for improvement, offering a clear path towards their economic development but also supporting global goals such as the SDGs.”

On a regional level, Eastern Asia showed improvement, while Western Europe remained “rather stagnant” reaching its lowest average position since 2020.