Thursday, June 2nd, 2016

Qatar beats UAE, becomes most competitive economy of Middle East

Narada Desk | June 2, 2016 5:05 am Print
Qatar has been named as the most competitive economy in the Middle East overtaking UAE in the latest IMD World Competitiveness index.
qatar doha skyline

The race to meet the Fifa 2018 World Cup deadline has resulted in Qatar overtaking the UAE as having the most competitive economy in the MENA region, according to the results of a new survey.

According to the Institute for Management and Development (IMD), a Swiss-based organization, which published its 2016 World Competitiveness Yearbook, Qatar ranked 13th globally for the second year in a row, out of the 61 nations assessed. UAE was the only other country from Middle East that featured in the list. The UAE fell from 12th place last year to 15th this year.

Other Middle East countries that featured in the list are Israel in 21st place, Turkey in 38th and Jordan in 52nd. Middle East countries like Saudi Arabia, Egypt and Iran, did not feature in the rankings.

Qatar has rich reserves of natural gas and is undergoing fast-paced development just before it is scheduled to host the 2022 World Cup.

The rankings have been produced for the past 25 years and are based on 340 criteria centred on economic performance, government efficiency, business efficiency and infrastructure, as well as on a survey of 5,400 business executives.

The top of the table is dominated by European economies, taking six of the top ten places.

The 2016 edition ranks Hong Kong first, Switzerland second and the US third, with Singapore, Sweden, Denmark, Ireland, the Netherlands, Norway and Canada completing the top 10.