The UAE has moved up three places to rank 7th globally in the 2024 World Competitiveness Report, surpassing Norway, Iceland, Japan, Canada and Finland, as the government media office announced on Tuesday.
The World Competitiveness Report evaluates countries based on four main pillars and 20 sub-pillars in economic, administrative and social fields, including government efficiency, education and innovation.
Last year, the UAE entered the Top 10 and this year achieved first place globally in employment, internet users, and resolving industrial disputes. It also ranked second in adaptability of government policy, tourism receipts and absence of bureaucracy.
In addition, the UAE holds third place globally in collected capital and property taxes, immigration laws, city management, and percentage of government budget surplus. It ranks fourth in controlling consumer price inflation, long-term unemployment, international experience, overall productivity, labour regulation, balance of commercial services and public sector employment.
The country performed notably well in air transportation quality, energy infrastructure, science graduates, start-up procedures, unemployment legislation, foreign highly-skilled personnel and national culture.
The IMD World Competitiveness Report, first published in 1989, serves as a comprehensive annual global benchmark on the competitiveness of countries. It provides insights into trends and benchmarking and includes extensive statistics and survey data from thorough research, ranking countries on their ability to manage competencies for sustainable long-term value creation.
Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, said: "Our thanks and appreciation go to all the teams in the government, economic, and development sectors who work with one spirit to achieve a single goal: the progress of the United Arab Emirates."