GulfBase Live Support
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.
The 30th edition of the IMD World Competitiveness Yearbook, saw a slight decrease in the ranking of the Kingdom of Saudi Arabia, moving down three places, and landing on 39th.
Saudi Arabia’s “ambitious” reform program is set to accelerate the Kingdom’s economic growth this year, according to the International Monetary Fund (IMF).
Following discussions with Saudi
Recovery continues on the real estate market in the Sultanate with sales showing a robust growth in the first four months of 2018, compared to the same period of last year.
Times of Oman
According to the World Competitiveness Yearbook 2018, which it is annually published by the International Institute for Management Development (IMD), Qatar ranked highly in the report, included: econ
The Central Bank of the UAE (CBUAE), on Wednesday published the Financial Stability Report for the year 2017. The report provides information on the strengths and vulnerabilities of the UAE financial
The Gulf Today