UAE – Mubasher: The UAE has maintained its position in the Global Competitiveness Report 2015-2016 issued by the World Economic Forum (WEF). The countries list was spearheaded by Switzerland, Singapore, and the US.
The UAE ranked 17th most competitive economy and second in terms of consumer confidence in political leadership, while Singapore ranked first in the latter category, according to the report.
The WEF report evaluates global competitiveness for 140 countries according to a number of criteria.
Included in 2006 among the innovative economies list, the UAE has enjoyed the longest-standing record of an Arab country in that category.
The Gulf oil-rich state registered significant improvement this year, having advanced 41 notches in the consumer protection strength category. It also gained 17 spots in terms of the domestic market volume and gross domestic product (GDP).
In terms of global competitiveness in higher education and training, the UAE ranked 6th, followed by the US at 7th, whereas in terms of infrastructure, the UAE came in 3rd, following Hong Kong and Singapore which stood at 1st and 2nd respectively.
The UAE economy is significantly more diversified than other GCC countries, the report showed, noting that the country has benefitted from high levels of openness to trade and investment, ranking 5th on foreign competition; thus, ensuring strong competition and high levels of innovation.
“The recent decision to abolish energy subsidies is a step in the right direction,” according to the report, which added that the country will need to strengthen its capacity for innovation, currently at 26th position, by upgrading scientific research.
