AMITABH JHA

DOHA ONCE again Qatar has been ranked the most competitive economy in the Arab world.

With a score of 5.24, it has jumped three notches up from last year’s rank of 17 to finish at the 14th spot among 142 countries on the World Economic Forum’s (WEF) Global Competitiveness Index this year.

Other countries of the region following Qatar are Saudi Arabia at rank 17, United Arab Emirates (UAE) at rank 27, Kuwait at 34 and Bahrain at 37.

Qatar’s strong competitiveness rests on the solid foundation of high-quality institutional framework, stable macro- economic environment and efficient goods market, according to WEF’s Global Competitiveness Report (GCR) of which the index is a part.

Compared with many other countries, Qatar was relatively unharmed by the global economic crisis. Qatar’s high rate of growth combined with prudent government support to the financial sector helped to maintain a strong macroeconomic and financial stability, it pointed out.

The report ranks countries over 110 indicators and contains a detailed country/economy profile for each of the 142 economies featured in the study, providing a comprehensive summary of the overall position in the index rankings as well as a guide to what are considered to be the most prominent competitive advantages and competitive disadvantages of each.

“With the growing complexity of the global economy, The Global Competitiveness Report helps enhance our understanding of the key factors which determine viding detailed assessments of the economic conditions of Qatar and other nations, the report offers policymakers and business leaders an important tool in the formulation of economic policies and institutional reforms,” said Qatari Businessmen Association (QBA) Chairman Sheikh Faisal bin Qassim al Thani .

QBA First Deputy Chairman Hussain Ibrahim al Fardan stressed the importance of Qatar’s progression in the rankings and said it had become possible due to the efforts of the public as well as private sectors in developing the national economy.

The top spots taken by Switzerland, Singapore and Sweden show that good institutions and competent macro-economic management, coupled with worldclass educational attainment and a focus on innovation, are a successful strategy for boosting competitiveness in an increasingly complex global economy, he said.

Singapore and Japan, ranked second and ninth globally led Asia and were followed by Hong Kong (11th), Taiwan (15th),) and Malaysia (26th). These economies are characterised by high-quality infrastructure, flexible and efficient markets, efficient workforce and high levels of technological readiness.

“The complexity of today’s global economic environment has made it more important than ever to recognise and encourage the qualitative as well as the quantitative aspects of growth, integrating such concepts as inclusiveness and environmental sustainability to provide a fuller picture of what is needed and what works,” said Klaus Schwab, founder and executive chairman of the World Economic Forum.

The rankings are drawn from a combination of hard data and results of the Executive Opinion Survey, a comprehensive study conducted by the WEF, together with its network of partner institutes in the countries covered by the survey.

The QBA is the local partner of WEF in Qatar.