The UAE has been ranked the 12th most competitive nation globally, jumping seven places from the previous year, according to the latest report released by the World Economic Forum (WEF).
The Global Competitiveness Report, produced by WEF, analyses 144 countries through a series of performance indicators that evaluates each country’s ability to provide suitable infrastructure for investments and to provide welfare to its citizens.
The UAE has beaten countries such as Denmark, Canada and South Korea on the ranking and is also the most competitive country in the Middle East and North Africa region.
The UAE has improved its performance in 78 indicators out of 114 that are used to assess the competitiveness of a country, according to the WEF report.
The report ranks the Gulf country as the top nation in terms of the quality of roads, the absence of organised crime and for having one of the lowest levels of inflation globally.
It was also rated second globally for the effectiveness of government spending, the impact of taxes on investment, the lack of trade barriers, the quality of its aviation infrastructure and the government’s ability to procure the most advanced technology.
But the report also points out a number of areas that would require improvement to enhance the UAE’s competitiveness.
“Going forward, putting the country on a more stable development path will require further investment to boost health and educational outcomes (38th on the health and primary education pillar),” the report said.
“Raising the bar with respect to education will require not only measures to improve the quality of teaching and the relevance of curricula, but also measures to provide stronger incentives for the population to attend schools at the primary and secondary levels.
“Last but not least, further promoting the use of ICTs and a stronger focus on R&D and business innovation will be necessary to diversify the economy and ensure that economic growth is sustainable going into the future.”
Meanwhile, other Gulf countries such as Qatar and Saudi Arabia fell in their competitiveness ranking.
Qatar dropped to the 16th position with the report noting that it could improve in a number of areas including loosening foreign trade and furthering educational levels in the country.
The Kingdom was ranked 24th, falling four places from the previous year, due to a less positive assessment of its quality of education and level of domestic competition.