GulfBase Live Support
27/09/2017 06:07 AST
The UAE inched down one spot in terms of its national competitiveness, coming in as the 17th most competitive economy among 137 countries.
According to the Global Competitiveness Report for 2017 issued by the World Economic Forum (WEF), the UAE continued to lead the Arab world in terms of competitiveness, but it lost one place as “other countries post even larger gains.”
Globally, the US jumped one spot moving from third place to second, while Switzerland remained in first place and Singapore came in third place. They were followed by the Netherlands and Germany, respectively.
“Although the IMF [International Monetary Fund] predicts GDP [gross domestic product] growth to drop to 1.3 per cent this year, non-oil growth is expected to pick up, suggesting that the country’s diversification strategy is bearing fruit,” the report said.
From a regional perspective, the Middle East and North Africa improved its average performance this year, partly because the new normal of low oil prices is forcing many countries to implement new reforms to diversify their economy.
The UAE’s former ranking in 16th place was overtaken by Israel, which jumped to 16th place from 24th most competitive nation in 2016.
Gulfnews
Ticker | Price | Volume |
---|
06/08/2020
Saudi Arabia’s non-oil private sector stabilised in July signaling an improvement in business conditions at the start of the second half of 2020.
The latest Purchasing Managers’ Index (PMI
Gulf News
06/08/2020
Oman’s thriving mining and mineral processing sector earned RO 114 million in revenues last year, bolstered by a new Mining Law, strong regulatory framework and the industry’s positioning as one of f
Oman Daily Observer
06/08/2020
Banks in Bahrain must play a major role in helping the national economy recover from the global Coronavirus (Covid-19) pandemic and, to do so effectively, will need the ongoing support of all stakeho
Trade Arabia
05/08/2020
The UAE non-oil private sector registered a further recovery in business conditions during July amid a greater easing of lockdown restrictions, according to data from the latest UAE Purchasing Manage
Gulf News
05/08/2020
Last week, the US Federal Reserve set interest rates at near zero, or 0.25 per cent to be precise, and which will add further complications to the Gulf’s financial services industry. This includes pe
Gulf News