The United Arab Emirates ranks ninth globally in economic competitiveness despite the pandemic

The United Arab Emirates ranks ninth globally in economic competitiveness despite the pandemic

The United Arab Emirates maintained its position as the ninth most competitive country in the world for the second year in a row and maintained its position as the only Arab country in the top ten despite headwinds from Covid-19, according to a survey by the US State Department. Swiss International Institute for Management Development.

from IMD Global Competitiveness Ranking 2021 It measures the prosperity and competitiveness of 64 countries based on economic performance, government efficiency, business and infrastructure efficiency, as well as a survey of CEOs operating in the respective economies.

Switzerland topped the rankings this year, followed by Sweden, Denmark, the Netherlands and Singapore.

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The UAE also ranked in the top 10 in 40 major and sub-indicators measured in the report that evaluates, among others, student mobility, cybersecurity, language skills, health infrastructure, entrepreneurship, attitudes to globalization and the adaptation of government policies.

Sheikh Mohammed bin Rashid, Vice President of the United Arab Emirates and ruler of Dubai, praised the country’s achievements on Twitter, and said that the UAE will move forward with its development plans.

“We have not stopped during the pandemic, and we will not,” he said.

The International Institute for Management Development said that there are wide fluctuations in the classification of countries “due to the effects of the epidemic and the results it has had on various aspects of the country’s performance indicators measured in the report.” The fact that the UAE has maintained its position is “evidence of the stability of the state’s economy and the strength and effectiveness of the policies imposed since the pandemic.”

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The UAE economy continues to recover from the slowdown caused by the pandemic, supported by economic support measures worth 388 billion dirhams. Government initiatives, including visas for expatriate retirees and an extension of the 10-year golden visa system to encourage foreign professionals to settle in the country, have also helped improve investment sentiment.

The country has reaped the benefits of investing in its infrastructure over the past two decades and embracing the technology that has helped it adapt and weather the Covid-19 pandemic.

The UAE central bank estimates the economy will grow by 2.5 percent this year and the non-oil economy by 3.6 percent. The economy is expected to grow by 3.5% in 2022, and non-oil growth is expected to rise to 3.9%.

Economy Minister Abdullah bin Touq said last month that the country also aims to double the size of its economy over the next decade to 3 trillion dirhams ($817 billion) by 2031.

Qatar ranked 17th, Saudi Arabia ranked 32nd, and Jordan ranked 49th.

The UAE’s strong position is evidence of the stability of the country’s economy and the strength and effectiveness of the policies imposed since the pandemic.

IMD

According to research, the best-performing economies are characterized by varying degrees of investment in innovation, diversified economic activities, and supportive public policies.

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“Strength in these areas prior to the pandemic allowed these economies to absorb the economic impact of the crisis more effectively,” the International Institute for Human Development said.

Switzerland has improved its economic performance compared to last year, particularly with regard to international investment and employment. Among the government efficiency index, it ranked first in public finance and institutional frameworks, according to the survey.

Sweden, which climbed from sixth to second place last year, also ranks highly in economic performance, employment and government efficiency. Denmark has fallen one place in the rankings to third place, according to the survey, due to the relatively poor performance in government efficiency.

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Other countries that saw improvement in 2021 include the United Kingdom, which rose to 18th, France, which rose to 29th, Italy, which rose to 41st, and Greece, which rose to 46th.

“China’s rise in ranking from 20th to 16th continues on its decade-long upward trajectory, thanks to continued poverty reduction and improvements in infrastructure and education,” IMD said.

While Singapore remained the best-performing Asian country, this year it slipped to fifth place from the top spot it held in the past two years.

“Singapore has faced problems related to job losses, lack of productivity and the economic impact of the pandemic,” the study said.

Regionally, the competitiveness of East and Central Asia and Western and Eastern Europe has risen this year, while America, Western Asia and Africa have declined.

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