UAE Climbs To 7th Position In 2024 World Competitiveness Report

The United Arab Emirates has moved up three places to seventh place in the 2024 World Competitiveness Ranking. Notably, the UAE is currently ahead of Norway, Iceland, Japan, Canada, and Finland. As per this year's report, the UAE performed exceptionally across various pillars, ranking 2nd globally in economic performance, 4th in government efficiency, and 10th in business efficiency.

The World Competitiveness Report, released by the International Institute for Management Development in Switzerland, classifies the countries based on four main pillars and 20 sub-pillars consisting of 336 competitive indicators across different economic, administrative, and social fields. Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, said that the UAE also ranked among the top ten globally in more than 90 key and sub-indicators in the report. "Our thanks and appreciation go to all the teams in the government, economic, and development sectors who work with one spirit to achieve a single goal: the progress of the United Arab Emirates," the Vice President added.

According to an Emirates News Agency report, the UAE ranked first globally in 11 indicators. This includes industrial disputes, labour force (%), employment (%), and household consumption expenditure- real growth. Meanwhile, Singapore regained the top spot in this year's ranking, followed by Switzerland and Denmark. This is the first time Singapore has been ranked at the top since 2020. The IMD World Competitiveness Report, first published in 1989, is a global benchmark on the competitiveness of countries.