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Qatar second most competitive Arab economy: WEF report

  • 9 October 2019
  • Author: QT01
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Qatar second most competitive Arab economy: WEF report
Qatar has been ranked the second-most competitive Arab  economy according to the Global Competitiveness Report 2019, published on Wednesday by the World Economic Forum. 
Qatar’s performance witnessed a slight improvement of one point over the past year, ranking it 29th globally.
Overall, the Arab world has caught up significantly on ICT adoption and many countries have built sound infrastructure. Most of the countries in the region whitnessed an importovement except for The Sultanate of Oman, Lebanon and Yemen. However, greater investments in human capital, are needed to transform the countries in the region into more innovative and creative economies.
The United Arab Emirates (25th) lead the regional ranking, followed by Qatar (29th) and Saudi Arabia (36th); Kuwait is the most improved in the region (46th, up eight) while Lebanon, Oman  and Yemen lose some ground. 
Ten years on from the global financial crisis, the global economy remains locked in a cycle of low or flat productivity growth despite the injection of more than $10 trillion by central banks. While these unprecedented measures were successful in averting a deeper recession, they are not enough on their own to catalyse the allocation of resources towards productivity-enhancing investments in the private and public sectors. The Global Competitiveness Report 2019, published today points to the path forward.  
Launched in 1979, the report provides an annual assessment of the drivers of productivity and long-term economic growth. The assessment is based on the Global Competitiveness Index (GCI), which maps the competitiveness landscape of 141 economies through 103 indicators organized into 12 pillars. These pillars are: Institutions, Infrastructure; ICT adoption; Macroeconomic stability; Health; Skills; Product market; Labour market; Financial system; Market size; Business dynamism; and Innovation capability. For each indicator, the Index uses a scale from 0 to 100 and the final score shows how close an economy is to the ideal state or “frontier” of competitiveness.
This year, the Report finds that, as monetary policies begin to run out of steam, it is crucial for economies to boost research and development, enhance the skills base of the current and future workforce, develop new infrastructure and integrate new technologies, among other measures.

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