UAE ranked 19th overall in terms of competing and producing goods

[Al Bhatti]

September 4, 2013

UAE stands tall with competitive edge

WEF report should be seen as an endorsement that the nation is on the right path for growth

According to the latest report released on Tuesday by the World Economic Forum (WEF), the UAE is becoming more competitive on the global stage and has developed an economic and commercial infrastructure to be ranked 19th overall in terms of competing and producing goods. This report is significant: It acknowledges the progress the UAE has made in diversifying and developing its economy and improving its productivity and competitiveness, rising five places in the past year. Only Qatar ranks above the UAE when it comes to regional economies with the GCC nation being ranked 13.

Switzerland remains on top, followed closely by Singapore, Finland and Germany. This year, the US, after a prolonged slump as a result of the financial crisis of the past five years, reclaimed its fifth-place ranking. The report should be viewed as an endorsement of the political leadership of the UAE and affirms that the diversification of the economies in Abu Dhabi, Dubai, Sharjah and the northern emirates — coupled with increased trade, better infrastructure, stronger marketing, a maturing workforce, improved financial management, greater transparency, a move to smart e-government and a betterment of the living, health and educational standards — pays economic dividends.

Significantly, the report also highlights areas that the UAE can improve. As an impartial observer, it suggests that improvements can be made in labour regulations, access to financing and educating the workforce — objectives that are currently on the radar of UAE officials for greater attention.

It should be noted that the report is prepared independently from data submitted by 13,000 business leaders on 12 criteria that effect change.

However, the report should also be considered to be an endorsement that the UAE is on the right path for growth and has truly earned its place on the world stage. With officials about to decide in a little over two months on the awarding of hosting rights for Expo 2020, the WEF report is a positive reminder to all those voting delegates that Dubai is the frontrunner. And has all of the components in place to deliver an unparalleled exposition.

UAE stands tall with competitive edge | GulfNews.com

 

[Al Bhatti]

September 4, 2013

UAE ranks higher than other countries bidding for Expo 2020

According to 2013-2014 report, the UAE ranked 19th, ahead of Turkey (44), Brazil (56) and Russia (64)

The UAE ranks highest on the World Economic Forum’s (WEF) Global Competitiveness Index (GCI) out of the countries with cities bidding for the World Expo 2020.

Released on Tuesday, The Global Competitiveness Report is an annual release assessing the competitiveness landscape of 148 economies.

According to the 2013-2014 report, the UAE ranked 19th [in productivity] - cracking the top 20 for the first time after finishing 24th last year - ahead of Turkey (44), Brazil (56), and Russia (64).

Izmir in Turkey, São Paulo in Brazil, Yekaterinburg in Russia, and Dubai are all bidding for the event.

The UAE has overtaken Saudi Arabia (20) in the ranking to take second place in the region after Qatar (13).

The report stated that the UAE’s “competitiveness reflects the high quality of its infrastructure, where it ranks a solid 5th, as well as its highly efficient goods markets [4th]. Strong macroeconomic stability [7th] and some positive aspects of the country’s institutions — such as strong public trust in politicians [3rd] and high government efficiency [9th] — round up the list of competitive advantages.”

The report stated the UAE would need further investment to boost health and education.

On Turkey which fell from last year’s place [43] but remain higher than two years ago [59] the report stated “in terms of social sustainability, the country’s relatively high youth unemployment, its large informal sector, and its limited social protection continue to represent its main challenges.”

Brazil also dropped from last year’s place [48] and the report stated “a slight deterioration in some of the macroeconomic indicators [75th], a tightening of access to financing, and the lack of sufficient progress in some of the most pressing challenges the country faces has driven this drop.”

“Notwithstanding these challenges, the country still benefits from important strengths, especially its large market size and its fairly sophisticated business community [39th],” as per the report.

On Russia, which ranked lowest out of the countries with cities bidding for Expo 2020 the report stated in terms of social sustainability, the Russian Federation is characterised by a relatively weak social safety net, high and increasing inequality, and limited social mobility. In terms of environmental sustainability, its lax environmental regulations, resource depletion, and the slowly degrading quality of its natural environment emerge as the most important challenges.”

Qatar, the highest ranking country from the Middle East, dropped two places to 13th. Its population of 1.9 million has a gross domestic product (GDP) of $183.4 billion and a per capita GDP of $99,731.

The report stated “Qatar’s strong performance in terms of competitiveness rests on solid foundations made up of a high-quality institutional framework [4th], a stable macroeconomic environment [6th], and an efficient goods market [3rd].”

Saudi Arabia, meanwhile, came in behind the UAE at number 20. Its larger population (28.1 million) has a higher GDP of $727.3 billion but lower GDP per capita with $25,085.

“As much as the recent developments are commendable, [Saudi Arabia] faces important challenges going forward. Health and education do not meet the standards of other countries at similar income levels. Although some progress is visible in health and primary education,” the report stated.

Saudi Arabia went backwards on the ranking after placing 18th on the previous GCI.

Saudi Arabia “has seen a number of improvements to its competitiveness in recent years that have resulted in more efficient markets and sophisticated businesses,” the report said.

While Egypt dropped from 107 last year to 118 in the latest report, Syria was “not included in this year’s edition owing to the inability to conduct a survey”, the report stated.

The lowest ranked country, meanwhile, was Guinea in West Africa.

Europe dominates

Similar to previous years the top 10 was once again dominated by European countries. Switzerland retained its position as the most competitive country on the index for the fifth consecutive year. This was followed by Finland (3), Germany (4), Sweden (6), Netherlands (8), and the United Kingdom (10), all finishing in the top 10.

The US (5) returned to the top 5 after finishing 7th last year.

UAE ranks higher than other countries bidding for Expo 2020 | GulfNews.com

 

[Gautam]

Congratulations UAE.