Qatar moved up five positions to 17th rank in the world in competitiveness, thus reaffirming its position as the most competitive country in the wider Middle East and North Africa (MENA) region, according to a World Economic Forum report.
Gas-rich Qatar outclassed Saudi Arabia (ranked 21), the UAE (25), Oman (34), Kuwait (35) and Bahrain (37), said the World Competitiveness Report 2010-11, which is being released at a time when the global economy continues to be characterised by significant uncertainty.
Excepting the UAE, which witnessed slippage in the position; all the other GCC countries improved their rankings in the world.
Qatar has been ranked 13 in basic requirements, 26 in efficiency enhancers and 23 in innovation and sophistication factors, according to the report.
With a projected growth rate of 18.5% for 2010, Qatar is the fastest-growing economy in the world as well as one of the wealthiest.
“Its strong competitiveness rests on solid foundations made up of a high-quality institutional framework, ranked 10 in overall, a stable macroeconomic environment (8) and an efficient goods market (12),” said the report.
Low levels of corruption and undue influence on government decisions, high government efficiency and excellent security are the cornerstones of the country’s solid institutional framework, it said.
Within the efficiency enhancers, Qatar’s higher education and training has been ranked 32, goods market (12), labour market (14), financial market development (19), technological readiness (36) and market size (66).
Compared with many other economies, the report said, Qatar was relatively “unharmed” by the global economic crisis with its growth slowing to 9% in 2009, down from 16.8% in 2008.
“This high growth, combined with prudent government support for the financial sector, contributed to maintaining macroeconomic and financial stability,” WCR said.
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