Stock Dubai skyline
In terms of 'Government Efficiency', Switzerland stood first followed by Hong Kong and UAE. Image Credit: WAM

The UAE stood among the top 10 in terms of economic performance and government efficiency in a new index released on Wednesday, and 12th in terms of overall economic competitiveness.

Denmark overtook Switzerland as the world’s most competitive economy after the Nordic country outperformed peers during the pandemic.

Denmark rose from third place last year to take 2022’s top spot for the first time in the 34 years that the IMD Business School has published its World Competitiveness Ranking, according to a statement on Wednesday.

Switzerland, Singapore, Sweden and Hong Kong completed the top five. The UAE ranked 12th, Qatar 18th, Saudi Arabia 24th, Bahrain 30th and India 37th. The Philippines stood at the 48th spot.

“Denmark is the most digitally advanced country in the world and now takes the top spot thanks to good policies, advantages afforded by being a European country, a clear focus on sustainability and a push from its agile corporate sector,” Arturo Bris, a professor at the Lausanne, Switzerland-based IMD, said in the statement.

In the ‘Economic Performance’ category, Luxembourg stood first, followed by Singapore and the US. The UAE was ranked sixth.

In terms of ‘Government Efficiency’, Switzerland stood first followed by Hong Kong, while the UAE ranked third.

With inputs from Bloomberg