According to the 2024 IMD World Competitiveness Ranking, several Middle Eastern countries have shown notable improvements in their global standings. Their new positions highlight their efforts to enhance economic performance and competitiveness.
Based on 164 hard criteria and 92 criteria from surveyed data, here are the the countries moving up the ranks.
UAE
The UAE has gained three places in the global ranking at 7th place, making it one of the top 10 most competitive economies. Thanks to its strategic investments in technology, infrastructure and a diversified economy, which have significantly bolstered the country’s global standing. The UAE ranked second in tourism receipts and number one in employment, labour force (%) and working hours.
Qatar
Gaining a place for 2024, Qatar ranks 11th globally and moves into 4th place in economic performance. The key attractiveness indicators highlighted the region’s business-friendly environment, reliable infrastructure and robust economic policies.
Saudi Arabia
Climbing the ranks, Saudi Arabia also gained a place to position itself at 16th globally. The Kingdom’s rise was driven by key indicators such as dynamism of the economy, competency of government, access to financing. Saudi also ranked number one for long-term employment growth and cyber security, and second in digital transformation in companies.
Bahrain
Achieving a significant milestone, Bahrain has risen four places to rank 21st globally. The country also gained five places to rank 18th in economic performance. This was the result of a business-friendly environment, skilled workforce, as well as key strengths in women in management, culture and tourism receipts.
Jordan
Also making considerable strides, Jordan has risen six places to move into the 48th position. The region’s efforts to improve its business environment through R&D and economic policies have played a crucial role in this advancement. Notably, Jordan also ranks third in tourism receipts and second in women in management.
In addition to these country-specific improvements, the IMD report emphasises that the adoption of Artificial Intelligence (AI) is playing a pivotal role in shaping productivity and competitiveness across these economies. Countries that effectively integrate AI into their economic frameworks are likely to see significant boosts in their productivity and overall economic performance. This in turn can further enhance their competitive positions on the global stage.
