The UAE went up three places and is now ranked 7th globally in 2024 World Competitiveness Report, ahead of Norway, Iceland, Japan, Canada and Finland, the government media office announced on Tuesday.
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The World Competitiveness Report classifies countries based on four main pillars and 20 sub-pillars across economic, administrative, and social fields, including government efficiency, education, and innovation.
The country entered the Top 10 last year and performed exceptionally well this year after ranking first globally in employment, internet users and resolving industrial disputes. The country also ranked second in adaptability of government policy, tourism receipts, and absence of bureaucracy.
The UAE is third globally in collected capital and property taxes, immigration laws, management of cities and percentage of government budget surplus. It is fourth in controlling consumer price inflation, long-term unemployment, international experience, overall productivity, labour regulation, balance of commercial services and employment in the public sector.
The country also performed exceptionally well in quality of air transportation, energy infrastructure, graduates in sciences, start-up procedures, unemployment legislation, foreign highly-skilled personnel and national culture.
The IMD World Competitiveness report, which was first published in 1989, is a comprehensive annual report and a global benchmark on the competitiveness of countries.
It offers insights into trends, benchmarking, and a wealth of statistics and survey data derived from extensive research. The report analyses and ranks countries based on their ability to manage competencies for sustainable long-term value creation.
Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, said: Our thanks and appreciation go to all the teams in the government, economic, and development sectors who work with one spirit to achieve a single goal: the progress of the United Arab Emirates.”