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.


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