The IMD World Competitiveness Report in 2023, published on Tuesday, categorised the UAE as one of the top 10 most competitive economies in the world, moving up by two places.
His Highness posted on Twitter Vice-President, Prime Minister, and Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum commended President His Highness Sheikh Mohamed bin Zayed Al Nahyan and the UAE people for supporting their leaders and working hard to attain high ranks.
According to Sheikh Mohammed, the UAE is a global leader in several areas, including management, energy, infrastructure, and the capacity of the government to change.
In comparison to developed nations like Australia, Germany, South Korea, the UK, France, and Japan, the emirate’s economy is now more competitive.
The UAE’s “Economic Performance” rose from sixth to fourth place among the sub-indices, and its “Business Efficiency” climbed from seventeenth to sixteenth.
The World Competitiveness Centre’s chief economist, Christos Cabolis, commended the UAE and other regional economies for implementing flexible policies to create a robust economy.
“Navigating today’s unpredictable environment requires agility and adaptability. Countries which excel are building resilient economies, such as Ireland, Iceland, and Bahrain. Their governments are also able to adapt policies based on current economic conditions in a timely fashion. The UAE, Saudi Arabia, Qatar, and Singapore are also key examples of this,” he said.
Globally, Denmark kept the top spot, followed by Sweden, the USA, the UAE, Switzerland, Singapore, Taiwan, Hong Kong, the Netherlands, and Denmark.
“An increasing number of countries are pursuing their interests. We are seeing winners and losers in a context in which multiple crises are overlapping and the world is increasingly divided between protectionist and open-trade economies,” said Professor Arturo Bris, Director of the World Competitiveness Centre.
All of the Gulf region’s nations experienced a rise in their rankings, with Qatar rising six positions to 18th, Saudi Arabia seven spots to 17th, and Bahrain five spots to 25th. The newest economy to enter the ranking, Kuwait, which is ranked 38 internationally, debuted in 2023.