The UAE has maintained its status as one of the world’s most competitive economies, ranking 9th for the second consecutive year, according to IMD World Competitiveness Ranking 2021 released on Thursday.
The UAE’s is rated the most competitive economy in the Middle East region and better than the US, Canada, Germany, China, UK, Austria, Australia, South Korea, France and others.
The UAE’s competitiveness ranking remained unchanged in 2021 despite the outbreak of Covid-19, as strong responses from the government to contain the pandemic paid off well. The UAE performed very well in the business and government efficiency sub-indices. It was ranked first in the labour market and attitudes and values; third in public finance and tax policy; fourth in international trade; and fifth in business legislation.
The UAE also made significant improvements in the sub-indices of student mobility inbound, economic complexity index, stock market capitalization, total public expenditure on education, higher education achievement, number of patents in force, exports of goods, total health expenditure, banking sector assets and internet users that helped the country maintain its high ranking.
The UAE’s position improves further to sixth in Europe, Middle East and North Africa region, according to IMD World Competitiveness Ranking 2021.
Regionally, Qatar slipped three places to 17th, Saudi Arabia fell from 24th to 32rd; and Jordan jumped nine places to 49th.
Globally, European countries dominated the list, led by Switzerland and followed by Sweden, Denmark, and the Netherlands. While Singapore slipped to fifth place.