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Dubai: The UAE ranked first in the Arab World and 25th globally in the Global Competitiveness Report 2019 by the World Economic Forum.

“We are pursuing the approach which focuses on hard work and diligence to improve and develop performance in all competitiveness indicators, especially those associated with the UAE Centennial 2071 project, through modernisiation and updating of legislations and streamlining of procedures as well as the adoption of innovation to move up on the scale of global competitiveness and deliver the leadership’s vision and sustain development in competitiveness indicators,’’ said Mohammad bin Abdullah Al Gergawi, Minister of Cabinet Affairs and The Future, and Chairman of the Federal Competitiveness and Statistics Authority (FCSA).

In the Arab region, in the overall ranking the UAE was followed by Qatar at 29th position followed by and Saudi Arabia (36th); Kuwait is the most improved in the region with 46th, up 8 places). Iran (99th) and Yemen (140th) lost some ground in the latest ranking.

“The UAE government gives top priority to the process of continuous improvement of performance in vital sectors including economy, health, education and advanced sciences through which our national economy be able to join the ranks of advanced global economies,” said Abdullah Lootah, Director General of FCSA.

According to the report, which assesses the competitiveness landscape of 141 economies, the region has caught up significantly on ICT [Information & Communication Technology] adoption and many countries boast well developed infrastructure. Greater investments in human capital, however, are needed to transform the countries in the region into more diversified, innovative and creative economies.

The report provides an annual assessment of the drivers of productivity and long-term economic growth. The assessment is based on the Global Competitiveness Index, which maps the competitiveness landscape of 141 economies through 103 indicators organized into 12 pillars.

Leding in improvements

The UAE has made significant improvements in 52 indicators in this year’s report and maintained its performance in other 27 indicators of the 103 indicators.

The UAE has been ranked among the world’s top five countries in 19 indicators and among the first 20 countries globally in 57 indicators - more than 50 percent of indicators monitored by the report this year.

In sub-indicators, the UAE came first globally in the Macroeconomic stability, second in ICT adoption and fourth in Product market.

“The UAE lead in Macroeconomic stability is yet another proof of the vibrancy, strength and resilience of the national economy to ride over challenges facing the world economy today, and to keep abreast of the latest economic development trends,” said Sultan bin Saeed Al Mansouri, Minister of Economy.

The UAE also advanced in eight out of 12 key pillars: Infrastructure; ICT adoption; Education; Skills;Product market; Labour market; Business dynamism and Innovation capability.

With a 2019 GCI score of 84.8 out of 100, Singapore lead the ranking while the US was ranked second followed by Hong Kong, the Netherlands and Switzerland in the first 5 positions.

In South Asia, India, in 68th position, lost ten positions in the rankings despite a relatively stable score, mostly due to faster improvements of several countries previously ranked lower.