The UAE has ranked among the world's TOP 10 most competitive economies for the first time.
Among the 63 countries, UAE ranked 10th in the world's Competitiveness Ranking that's according to IMD World Competitiveness Centre. It is the only Arab country to secured a place among the super league of the global top 10 nations.
As the different competitive countries continue to hustle for the top spot, Hong Kong integrates its dominance as it secured the number 1 spot. Meanwhile, the USA was pushed out of the big 3.
Being the 2nd Arab country in line, Qatar faced a major setback after descending 4 ranks this year. In 2016, Qatar secured the 13th rank, while the UAE ranked 15th.
Switzerland and Singapore came in 2nd and 3rd. The USA came in 4th and the Netherlands filled up the 5th spot.
Professor Arturo Bris, director of the IMD World Competitiveness Centre, said the indicators that stood out among the most improved countries are related to government and business efficiency as well as productivity.
"These countries have maintained a business-friendly environment that encourages openness and productivity," he said. "If you look at China, its improvement of seven places to 18th can be traced to its dedication to international trade. This continues to drive the economy and the improvement in government and business efficiency."
In a separate IMD report ranking on the country's digital competitiveness, the UAE has spectacularly improved its ranking globally to 17th this year from 25th in 2016. This is another Arab world's first.
At the top of the ranking is Singapore, followed by Sweden, the US, Finland, and Denmark. "There is no doubt that supportive and inclusive government institutions help technological innovation," said Bris.
"As the global progress towards the digital economy gains momentum, the UAE is leading the region's digital transformation with a host of innovative programs to enhance its networked readiness. The strategy to transform Dubai into a smart city through 100 initiatives is one of such key programs," said Santosh Varghese, General Manager, Digital Products and Solutions, Toshiba Gulf.
"By continuing to invest in information technologies and reinforcing commitment to connectivity, the UAE is showing the way for the rest of the region in digital advancement," said Varghese.
President and executive chairman of Al Fara'a Group, JR Gangaramani, stated that the UAE's improved global ranking is a resounding testimony to the success of its strategy in establishing a culture of innovation in government organizations.
"The UAE enjoys a number of competitive strengths with superb infrastructure, innovative and efficient governess, networked readiness, and ease of doing business," said Gangaramani.
In the digital competitiveness ranking, Singapore has taken the top spot followed by Sweden and the USA. Qatar is placed in the 28th spot.
"Singapore and Sweden have developed regulation that takes advantage of the talent they have by adopting, for instance, a regulation that facilitates the inflow of overseas talent which complements the locally available pool. The US invests more in developing its scientific concentration and generating ideas but the country has a history of government support for technological innovation. This shows that in digitally competitive countries, the government must facilitate the adoption of new technologies."
"Of paramount importance in the digital ranking are issues related to how adaptive and agile economies are when faced with technological change," Bris said.
Indonesia, Ukraine, Mongolia, Peru, and Venezuela are in the bottom 5 of the ranking.
Bris said: "One thing the results highlight is that these countries not only have low rankings in terms of talent but they don't invest in developing whatever talent they have."
"There is a relation between the lack of talent and training with a lack of business agility," he added.
"Education and knowledge production is the key."
In an annual assessment of the factors driving productivity and prosperity, UAE has been ranked as the top Arab country on competitiveness in the latest World Economic Forum's Global Competitiveness.
Ascending one position from last year in the global ranking to 16th position, the UAE along with Qatar (18); and Saudi Arabia (29) were in the top 30 global rankings.
SOURCE: Khaleej Times
