UAE most competitive economy in Mena region
Dubai: The UAE has the most competitive economy in the Middle East and North Africa (Mena), says a new study from the World Bank Group and the World Economic Forum.
The Arab World Competitiveness Report 2018, launched Tuesday in Dubai, ranked the UAE as the 17th most competitive country in the world.
Saudi Arabia, ranked 30th most competitive, was another Mena nation to crack the global top 30.
The rankings are based on 12 factors, from education to infrastructure, that are critical for productivity and economic growth.
Increased diversification makes the UAE’s economy most resilient and able to weather the double shock of lower oil and gas prices and reduced global trade, according to report, and better suited to maintain a stable macroeconomic environment.
“The resilience of its fiscal policy will be further strengthened in the future because the UAE was … among the early adopters of the new VAT,” the report states.
To further increase its competitiveness, the UAE will have to speed up progress in spreading the latest digital technologies (36th) and upgrading education (36th).
Education and innovation are two areas where the Mena countries most deviate from their counterparts in more developed nations.
Published by: Gulfnews