- UAE Improved Its Ranking among the Most Competitive Countries of the World

UAE Improved Its Ranking among the Most Competitive Countries of the World

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According to the report of the World Economic Forum, total UAE ranking (includes passport ranking, banks ranking, economy ranking, and other indicators) improved for the last year. The UAE and its largest city, Dubai ranked 27 among 140 countries, which were included in this research. This result is the best in the Middle East region. The UAE has got 73,4 points out of 100 possible.

World Economic Forum is held annually in Geneva. In order to determine the ranking of countries of the world, a complex indicator is used, which includes economic, and financial factors as well as access to resources, quality of labor, freedoms, and opportunities. Thus, in 2018, they included two new criteria: diversity of labor and freedom of the press. The study has been being conducted since 2004 and currently represents the most comprehensive set of competitiveness indicators for various countries of the world.

The World Economic Forum defines national competitiveness as the ability of a country and its institutions to ensure stable economic growth rates that would be sustainable in the medium term. The authors of the study emphasize that countries with high levels of national competitiveness, as a rule, provide a higher level of welfare of their citizens. It is assumed that the Index should be used by countries that seek to eliminate obstacles to economic development and competitiveness as a tool for analyzing problem points in their economic policies and developing strategies to achieve sustainable economic progress.

Among the main advantages that influenced the high UAE and Dubai ranking are a good macroeconomic environment with good prospects, good infrastructure, and a good indicator of the introduction of modern technologies. The report also notes that the country is still far from the theoretical limit of its capabilities, and the structural reforms carried out by the government have not yet been fully converted into strengthening the innovation potential, so the UAE has a good chance to improve its ranking further the next year.