The United Arab Emirates has positioned itself as one of the top ten most competitive economies in the world, moving up two places, according to the IMD Global Competitiveness Report 2023, released on Tuesday.

UAE Vice President and Prime Minister and Ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum, through his Twitter account, hailed President Sheikh Mohammed bin Zayed Al Nahyan and the Emirati people for their effort, sincerity, dedication and mobilization around their leadership to achieve high rankings.

Sheikh Mohammed affirmed that UAE leads the world in various indicators, such as management, energy, infrastructure, government’s ability to adapt to changes and others. The emirate’s economy today is more competitive than advanced countries such as Australia, Germany, South Korea, the United Kingdom, France and Japan, among others. Among the sub-indices, UAE saw its ‘Economic Performance’ improve from 6 to 4 and ‘Business Efficiency’ from 17 to 16.

World Competitiveness Center Chief Economist Christos Cabolis congratulated the UAE and other regional economies for embracing agile policies with the aim of building a resilient economy. “Navigating today’s unpredictable environment requires agility and adaptability. Countries that excel are building resilient economies, such as Ireland, Iceland and Bahrain. Their governments are also able to adapt policies based on current economic conditions in a timely manner. UAE, Saudi Arabia, Qatar and Singapore are also key examples of this.”

Globally, Denmark maintained its top position, followed by Ireland, Switzerland, Singapore, the Netherlands, Taiwan, Hong Kong, Sweden, the United States and the United Arab Emirates. All countries in the Gulf region recorded an increase in their rankings with Qatar in 18th place (up six positions), Saudi Arabia in 17th (up seven places) and Bahrain in 25th (up five).

Published by Emirates Herald, news and information agency.

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