The UAE rose to 7th place among the world’s 67 most competitive economies, climbing three spots from last year in the 2024 IMD World Competitiveness Ranking (pdf). The UAE ranked 2nd globally in economic performance, jumped to 4th place from 8th in government efficiency, and secured the 10th position in business efficiency. The World Competitiveness Report’s evaluation encompasses 336 indicators spanning economic, administrative, and social sectors, with the UAE achieving top global rankings across various indicators.

The UAE achieved top 10 rankings in more than 90 indicators worldwide, clinching 1st place in 11 areas like industrial disputes and labor force growth, 2nd place in nine areas such as tourism receipts and government policy adaptability, and 3rd place in six areas including immigration laws and city management. The UAE secured 4th place in 12 indicators, including consumer price inflation and overall productivity, and 5th place in 13 indicators such as GDP per capita and start-up procedures.

The report highlighted areas the UAE needs to enhance to avoid risking its competitiveness, including diversifying exports and transitioning away from oil dependency, integrating economic diversification with sustainability, leveraging AI tech while addressing ethical and regulatory concerns, and strengthening its resilience against climate change impacts.

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