The UAE continues to be known as one of the world’s most competitive markets. Just as the country did last year, it has achieved the 9th position in the world for being a competitive economy. This is based on Switzerland’s International Institute for Management Development (IMD) World Competitiveness Ranking 2021, which was announced on Thursday, June 17th.
Some Statistics From This Year’s Ranking
In the Middle East area, the UAE has the first rank in terms of being the most competitive economy. The countries preceding UAE are the USA, Canada, Germany, China, UK, Austria, Australia, South Korea, France, and others. When it comes to the labor market, attitudes, and values, the UAE had the first position. It ranked third in public finance and tax policy, fourth in international trade, and 5th in business legislation.
When it comes to Europe, Middle East, and the North African area, the UAE has the 6th rank overall. However, other countries in the Middle East like Qatar have fallen down the ranks. It currently holds the 17thposition. Certain countries have improved their performance as well. For instance, Saudi Arabia, which used to have the 24th rank, has improved to the 32nd rank. Similarly, Jordan improved 9 ranks, reaching the 49thposition.
This makes the UAE the only Arab nation in the highest 10 ranking spots of the most competitive economies. The highest position this year goes to Switzerland. Sweden, which went from 6thto 2nd place this year, followed Switzerland. Denmark, the Netherlands, Singapore, Norway, Hong Kong, and Taiwan follow. After UAE comes the United States.
How Did the UAE Become The 9th Most Competitive Economy?
The UAE has shown resilience and maintained its rank despite the challenges posed by the Covid-19 pandemic in 2020 and 2021. This could be because of the quick and efficient way the UAE authorities have been taking steps to keep the viral outbreak under control. The country has displayed development in sectors such as education, healthcare, and the economy.
It has also considerably worked on the sub-indices of student mobility inbound, economic complexity index, stock market capitalization, total public expenditure on education, higher education achievement, number of patents in force, exports of goods, total health expenditure, banking sector assets, and internet users. All of this has enabled the UAE to emerge as the most economically driven country in the region and the 9th most internationally.
The country was also among the top ten in 40 main and sub-indicators which determine its student mobility, cybersecurity, language skills, health infrastructure, entrepreneurship, attitudes toward globalization, the adaptability of government policy, and others. Sheikh Mohammed bin Rashid, UAE Vice President and Ruler of Dubai, said that the country will continue with its plans for progress both during and after the pandemic.
While several other countries suffered due to Covid, the UAE’S market stability and the efficacy of its policies have helped it stay maintain its status. The economy did face minor economic issues owing to the pandemic, but it is well on its way to recovering.