UAE ranked ninth in IMD World Competitiveness Yearbook 2020

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Abu Dhabi, June 16 (BNA): For the fourth year in a row, the United Arab Emirates is leading the MENA region in the World Institute for Management Development (IMD) World Competitiveness Yearbook 2020, issued by the World Competitiveness Centre in Switzerland.

According to the yearbook, the UAE is at 9th place among the most competitive countries in the world.

The UAE maintained its position among the top ten competitive countries in the world in 2020, ahead of countries such as the United States, Ireland, Finland, Luxembourg, Germany, and the United Kingdom, to be the only Arab country that succeeded in asserting itself in the Big Ten Club in the World Competitiveness Yearbook for four years in a row, since joining the top ten in 2017, despite the challenges of COVID-19 pandemic that influenced the 2020 edition.

According to the results of the report, UAE ranked first globally in 23 indicators and sub-factors, while it ranked among the top five globally in 59 indicators and in top ten globally in 106 indicators, out of 338 indicators covered by the report this year, Emirates News Agency (WAM) reported.

The IMD World competitiveness yearbook 2020 relies on questionnaires collected (33.33 percent) and on statistics and data provided by countries (66.67 percent). The report focuses in its classification of the countries on four factors (Economic Performance, Government Efficiency, Business Efficiency and Infrastructure) with 20 sub-factors each that cover 338 competitive indicators in various economic, financial, legislative, management and social fields, along with some new indicators added in this year’s edition of the yearbook. Some of the new additions reflect the importance of achieving sustainable development objectives, and provide a vision of the economy’s position with respect to the various sustainable objectives that must be met within ten years, such as education, environment, empowerment, ageing and health.

UAE takes the lead in 7 factors at the sub-factors level, the UAE achieved an improvement in 7 factors, ranking at 1st place globally in the Labor Market factor, and the 5th globally in the Employment Factor, the 6th place in the Pricing Factor. The UAE is also advancing in other sub-factors, such as the social framework, education, and technology, health and the environment infrastructures, while maintaining its rank unchanged in two sub-factors, the factor of Attributes and Values (second in the world) and the factor of Tax Policy (third in the world).

Commenting on the UAE’s performance in this year’s IMD World Competitiveness Yearbook, Abdullah Nasser Lootah, Director-General of the Federal Competitiveness and Statistics Authority said, "Within the UAE2021 vision and in preparation for the Golden Jubilee, the UAE is moving forward with an ambitious strategy that anticipates the future, nurture a culture of excellence to be in the lead of world competitiveness at various levels. Thanks to the vision and guidance of the UAE’s leadership, the country managed since 2017 to join the top 10 competitive countries in this report, and to consolidate its well-deserved position among the top ten globally in the overall ranking and regional leadership. "