Switzerland’s Institute for Management Development has released this year’s rankings for the most competitiveness countries and there’s one more reason now for UAE to be proud!
UAE is the seventh most competitive country
From the rankings this year, UAE has moved up by three spots to the seventh position with a rating of 95.649, behind Denmark with 96.385 and ahead of Norway with 95.424. To celebrate this record, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE, took to Twitter to announce the achievement.
In seven years the UAE has risen from 28th to 7th most competitive economy in the world according to the IMD World Competitiveness Yearbook.
— HH Sheikh Mohammed (@HHShkMohd) May 23, 2018
USA leads the competitive rankings
With a complete ranking of 100, the US is the most competitive country and has claimed the spot after two years. In 2016, their ranking dropped to third place, followed by fourth place in 2017. After the US, Hong Kong claims the second rank with a rating of 99.162, followed by Singapore(98.553) and Netherlands(97.534).
Saudi Arabia and Qatar were the only ME countries in the rankings
Four countries from the Arab world made it to the rankings this year: UAE, Saudi Arabia, Qatar and Jordan. Qatar comes second in the ranks with a world ranking of 14th and a rating of 88.888, followed by Saudi Arabia ranked 39th with a rating of 72.697 and Jordan with a world ranking of 52nd and a rating of 61.326.
South America was least competitive
Countries like Venezuela, Brazil, Colombia, Argentina and Peru were ranked among the least ten competitive countries. Venezuela ranks the least with a competitiveness rating of 27.509 after Mongolia, with a rating of 52.616. However, the report’s limitation is that it shows statistics from 62 countries so the least ranked countries from the index may not apply to world rankings.