UAE climbs to 7th rank in IMD World Competitiveness Report: An in-depth analysis of the nation’s progress

UAE climbs to 7th rank in IMD World Competitiveness Report: An in-depth analysis of the nation’s progress

The United Arab Emirates (UAE) has consistently showcased noteworthy growth and development, securing impressive positions on various international rankings and indexes. As impressive as the ranks are, they are not built overnight.

Over the years, the nation has strategically diversified its economy and embraced technological and innovative advancements, propelling itself to the forefront of global economic powerhouses. This commitment to progress is evident in the UAE’s performance on international scales, where it frequently rubs shoulders with some of the world’s most advanced economies.

The proof of this narrative of success is plenty. The UAE has advanced in multiple global competitiveness reports, reflecting important indicators like its robust economic performance, government efficiency, business efficiency, and infrastructure. The 2024 World Competitiveness Report, issued by the International Institute for Management Development (IMD) in Switzerland, is the most recent testament to this progress.

The UAE’s progress in the report is significant, moving it three ranks to seventh place globally. This improvement puts the UAE ahead of top economies such as Norway, Iceland, Japan, Canada, and France, as the rating took into consideration a variety of areas. The UAE was placed second in economic performance, fourth in government efficiency, and tenth in business efficiency. These rankings reflect the UAE’s strategic goals and programmes to increase its global competitiveness.

The leadership of the UAE has been pivotal in driving the nation’s successes, beginning with the visionary foresight of its founding fathers, who laid a robust foundation for progress and prosperity. The current leaders have upheld these values, ensuring that the UAE continues to thrive on the global stage.

Our leaders and their strategic policies and national initiatives have focused on economic diversification, technological innovation, and sustainable development. The UAE Vision 2021 and the UAE Centennial 2071 are prime examples of long-term strategies aimed at establishing the nation as a global hub for business, technology, and tourism. These comprehensive plans emphasise enhancing government efficiency, fostering a dynamic business environment, and investing in education and infrastructure, thereby propelling the UAE to new heights of global competitiveness and making it a distinguished member of the global elite.

This year, the UAE improved its standings in all four main pillars, solidifying its position among the top 10 globally in over 90 key and sub-indicators. The nation ranked 1st globally in 11 indicators, including industrial disputes, labour force percentage, employment percentage, and household consumption expenditure (real growth).

Image source: IMD - International Institute for Management Development

Additionally, per the report, the UAE achieved 2nd place globally in nine indicators, 3rd in six indicators, 4th in 12 indicators, and 5th in 13 indicators.

First published in 1989, the IMD World Competitiveness Report is a comprehensive annual report that analyses and ranks countries based on their ability to manage competencies for sustainable long-term value creation and, hence, why it matters.

The UAE’s progression in the rankings over the past few years is a testament to its commitment to continuous improvement: from 12th in 2022, 10th in 2023, and an impressive 7th in 2024. This upward trajectory highlights the nation’s dedication to achieving excellence on the global stage, ensuring a prosperous and sustainable future for its people.
With unwavering dedication to innovation and strategic foresight, the UAE is poised to continue its ascent on the global stage. As the nation builds on its successes, it stands ready to tackle future challenges and seize new opportunities, cementing its position as a true nation of progress and prosperity.

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