UAE is 17th most competitive economy

The UAE continued to lead the Arab world in terms of its national competitiveness and stood as the 17th most competitive economy globally among 137 countries.

According to the Global Competitiveness Report for 2017 issued by the World Economic Forum (WEF), the US jumped one spot moving from third place to second while Switzerland retained its first place and Singapore took third. The Netherlands and Germany followed them, respectively.

“Although the IMF predicts GDP growth to drop to 1.3 per cent this year, non-oil growth is expected to pick up, suggesting that the country’s diversification strategy is bearing fruit,” the report said.

From a regional perspective, the Middle East and North Africa improved its average performance this year, partly because the new normal of low oil prices is forcing many countries to implement new reforms to diversify their economy.