World Competitiveness Yearbook Lists Qatar’s Super Economic Performance
Published by the Swiss-based International Institute for Management Development (IMD), World Competitiveness Yearbook basically compares the performance of mostly high income countries based on 340 criteria. Published since 1989, it uses both statistical and survey data to publish its report.
The World Competitiveness Yearbook 2020 displayed some remarkable improvements in the Middle East. Out of 63 countries, Qatar achieved sixth rank in terms of Economic Performance in 2020. Not only that, the peninsular Arab country also ranked highly in other sectors. While maintaining its ranking at 40 for infrastructure, the country also ranked 7th and 11th in government and business efficiency respectively.
The rankings of the World Competitiveness Yearbook 2020 report were based on observing Qatar’s competitive economy climate as well as national statistics and sample business managers’ opinions. Unlike the UAE that is leading the MENA region in the World Competitiveness Yearbook for the fourth time and is ninth among the most competitive countries in the world, Qatar displayed some strong performances in various fields, based on which it was placed 14th internationally.
Strong economic performance represented by Qatar’s low unemployment rate (ranked first), high percentage of gross fixed capital formation, capital investments, and saving to GDP (ranked first for all three), percentage of trade balance to GDP (ranked first), the high overall productivity (ranked first) and low inflation rate (ranked third) positively influenced the country’s rank.
With the help of the World Competitiveness Yearbook 2020’s findings, the countries can very easily identify the sectors that need improvement other than their solid performances. In Qatar’s case, the real GDP growth per capita (rank 58), office rents (rank 52), business expenditure on R&D percentage (rank 57) were some of the factors that negatively influenced its rank.
Amid the current global situation, the experts believe that Qatar will be one of the first to rebound from the crisis impacts. Meanwhile, the UAE has managed to top the 10 competitive countries in the world in 2020, ahead of the United States, Ireland, Finland, Luxembourg, Germany, and the United Kingdom.
Another Middle Eastern country, Saudi Arabia is ranked 24th most competitive economy in IMD World Competitiveness Yearbook 2020. Similar to Qatar, the country is continuing its upward ascend in global competitiveness rankings. It’s also the 8th most competitive G20 economy, ahead of peers, such as Russia, France, Japan, Italy, India, Argentina, Indonesia, Mexico, Brazil and Turkey.
According to the reports, Saudi, while following its Vision 2030 protocols, has moved from 30th to 20th position in economic performance, from 25th to 19th in business efficiency; and from 38th to 36th in infrastructure. Although it’s still lagging in a lot more aspects when compared to Qatar.
The US is lagging behind Canada, Denmark and Sweden, among other nations, reaching from third spot to the 10th in the IMD World Competitiveness Yearbook 2020’s ranking. Singapore has topped the 2020 report, with Hong Kong SAR and China on 5th and 7th positions respectively.
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