The UAE Ranks 7th Place Globally In The 2024 World Competitiveness Report

I’m excited to share that the UAE has made a big jump in the 2024 World Competitiveness Report! Last year, it was ranked 10th, but this year it moved up to 7th place. Now, it’s ahead of Norway, Iceland, Japan, Canada, and Finland in the rankings.

Sheikh Mohammed bin Rashid Al Maktoum stated that the UAE, led by President Sheikh Mohamed bin Zayed and its people, continues to rise in global competitiveness rankings each year

The statement from the ruler of Dubai underscores the UAE’s impressive rise in global competitiveness as highlighted by the International Institute for Management Development (IMD) in Switzerland. Moving up three places to reach seventh globally in the World Competitiveness Report is a significant achievement. Moreover, being ranked in the top ten globally across more than 90 key and sub-indicators further solidifies the UAE’s standing as a competitive and forward-thinking nation.

This recognition reflects the UAE’s robust efforts across various sectors including innovation, infrastructure, economic policies, and societal development. It also underscores the effectiveness of strategic leadership and the collective determination of the UAE’s government and people to excel on the international stage.

It’s understandable why the UAE moved up 3 spots to 7th place in the 2024 World Competitiveness Report. Just consider how much progress the nation has made!

The UAE excelled in a number of the report’s categories. It ranked fourth in government efficiency, tenth in business efficiency, and second in economic performance globally. The World Competitiveness Report uses 20 sub-pillars in addition to 4 main pillars to classify countries. 336 competitive indicators from the economic, administrative, and social domains such as government effectiveness, innovation, and education are included in each sub-pillar. The UAE ranked higher in each of the four major pillars this year.

The UAE excelled in various global indicators:

• Ranked 1st globally in 11 indicators, including industrial disputes, labor force participation rate, employment rate, and real growth in household consumption expenditure.
• Secured 2nd place globally in 9 indicators, such as tourism receipts, representation of women in parliament, labor force growth, adaptability of government policies, and efficiency of bureaucracy.
• Achieved 3rd place globally in 6 indicators, including collection of capital and property taxes, immigration laws, city management, and percentage of government budget surplus.
• Held 4th place in 12 indicators, including consumer price inflation, long-term unemployment, international experience, productivity, labor regulations, and the balance of trade in commercial services and public sector employment.
• Attained 5th place in 13 indicators, covering GDP per capita, quality of air transportation, energy infrastructure, science graduates, ease of starting a business, unemployment policies, attraction of foreign skilled workers, national culture, unemployment rate, and effectiveness in curbing tax evasion.