The UAE continues to have the most competitive economy in the Middle East and North Africa (Mena) region, according to the IMD World Competitiveness 2022 Report, which was published on Wednesday. The report was produced by the Global Competitiveness Center of the International Institute for Management Development in the Swiss city of Lausanne.
The country improved its score in eight of twelve categories, including macroeconomic stability, infrastructure, technology, and business dynamism, according to the World Economic Forum.
According to the most recent report, the UAE was ranked 12th in the world.
For the sixth year in a row, Canada ranks lower than Germany, China, Australia, Austria, the United Kingdom, South Korea, France and New Zealand, but remains more competitive.
Furthermore, Qatar came second with 18th position, followed by Saudi Arabia (24th), Israel (25th), and Bahrain (30th).
This study covered 63 countries on four crucial indicators of economic performance, government efficiency, business efficiency, and infrastructure. with each having many sub-indices.
The UAE saw a major improvement in various sub-indices including gross fixed capital formation real growth, renewable energies, real GDP growth, government budget surplus due to high oil prices, improvement in the current account balance, increase in stock market capitalization, improvement in labor force especially low unemployment rate and exports.
The UAE was ranked 1st globally on such parameters as basic infrastructure, government policy, immigration laws, income distribution, tax evasion, collected personal income tax, redundancy cost, management of cities, population growth, dependency ratio of family members on each other, energy infrastructure, the highest internet users and student mobility inbound.
Mohammed Al Gergawi, Minister of Cabinet Affairs and the Future and Head of the Federal Competitiveness and Statistics Authority, stated that the UAE is pursuing a strategy to improve and develop performance in all competitiveness indicators, particularly those connected with the UAE Centennial 2071 project.