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Tribune News Network
Doha
Qatar is continuing to retain its strong position in the Arab world in terms of economic competitiveness, according to a new study from the World Bank Group and the World Economic Forum.
The Arab World Competitiveness Report 2018 released on Tuesday ranked Qatar as the second most competitive economy in the Middle East and North Africa (MENA) region and 25th globally.
The rankings are based on 12 factors, ranging from education to infrastructure, that is critical for productivity and economic growth.
Qatar's high ranking highlights the resilience of the Qatari economy.
"The Middle East and North Africa region is brimming with talented young people, especially in technology," said Philippe Le Hou`rou, International Finance Corporation's Chief Executive Officer.
"By helping entrepreneurs to reach their potential, governments can support the creation of good jobs and drive technological innovation, making the lives of people better."
Mirek Dusek, Deputy Head of Geopolitical and Regional Affairs at the World Economic Forum, said,"The world is adapting to unprecedented technological changes, shifts in income distribution and the need for more sustainable pathways to economic growth. Diversification and entrepreneurship are important in generating opportunities for the Arab youth and preparing their countries for the Fourth Industrial Revolution."
The report recommends that the countries diversify their economies and move away from a model of government-led growth and lessen reliance on natural resources exports.
