The UAE has been ranked as the Arab region’s most competitive economy for the fourth consecutive year, according to the Global Competitiveness Report 2019, published by the World Economic Forum.
Globally, the UAE ranks 25th, having improved by two points compared to last year.
The UAE witnessed an improvement in 52 out of 103 indicators calculated in the report. The country also ranked among the top five performing economies in 19 indicators, and among the top 20 worldwide in 57 indicators.
Regionally, the report found that most of the Arab countries witnessed an improvement in ranking except for Oman, Lebanon and Yemen.
The UAE (25th) was followed by Qatar (29th) and Saudi Arabia (36th). Kuwait saw the most improvements in the region (46th, up by eight).
The report also found that while most regional countries have improved “significantly” on ICT adoption and many countries have built sound infrastructure, greater investments in human capital are needed to transform them into more innovative and creative economies.
Overall, the report found that the global economy remains locked in a cycle of low or flat productivity growth despite the injection of more than $10 trillion by central banks since the global financial crisis a decade ago.
Overall, the most competitive economies were found to be Singapore, followed by the US, Hong Kong, Netherlands and Switzerland.
The report assesses the competitiveness landscape of 141 economies through 103 indicators organised into 12 pillars including institutions, infrastructure, ICT adoption, macroeconomic stability, health, skills, product and labour markets and financial system, among others.