The UAE has climbed three places to rank seventh globally on a major competitiveness index.
“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 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,” His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai said.
Building on last year’s achievement of entering the top 10, the UAE is now ahead of Norway, Iceland, Japan, Canada and Finland.
“Our thanks and appreciation go to all the teams in the government, economic, and development sectors who work with one spirit to achieve a single goal: the progress of the United Arab Emirates,” Sheikh Mohammed added.
What do the rankings measure?
The World Competitiveness Report classifies countries based on four main pillars and 20 sub-pillars encompassing 336 competitive indicators across various economic, administrative and social fields, including government efficiency, education and innovation.
Improving performance
In this year’s report, the UAE advanced in all four main pillars, ranking 2nd globally in economic performance, 4th in government efficiency, 10th in business efficiency.
The UAE ranked among the top 10 globally in over 90 key and sub-indicators. The UAE ranked 1st globally in 11 indicators including industrial disputes, labour force and employment.
The country secured 2nd place globally in nine indicators, including tourism receipts, females in parliament, labour force growth, adaptably of government policy, and absence of bureaucracy.
The UAE ranked 3rd globally in six indicators, including collected capital and property taxes, immigration laws, management of cities and percentage of government budget surplus.
The country also achieved 4th place in 12 indicators including consumer price inflation, long-term unemployment, international experience, overall productivity, labour regulation, and the balance of commercial services and employment in the public sector.
The UAE also achieved 5th place in 13 indicators including GDP (PPP) per capita, quality of air transportation, energy infrastructure, graduates in sciences, start-up procedures, unemployment legislation, foreign highly-skilled personnel, national culture, unemployment rate and tax evasion.
First published in 1989, the IMD World Competitiveness report is a comprehensive annual report and a global benchmark on the competitiveness of countries. It offers insights into trends, benchmarking, and a wealth of statistics and survey data derived from extensive research. The report analyses and ranks countries based on their ability to manage competencies for sustainable long-term value creation.
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