UAE at the Top of Economic Ranking for Middle East

The Middle East’s United Arab Emirates were at the top of countries in the region at the World Economic Forum’s Global Competitiveness Report for 2014-15.

Over the past year, UAE jumped seven positions to No. 12 globally outdistancing Qatar at No. 16.

Saudi Arabia is ranked No. 24 globally and came in third in the North Africa and Middle East region, ahead of the country of Israel, which is No. 27 worldwide. Kuwait was No. 40, Bahrain No. 44 and Jordan finished No. 64.

The UAE was also ahead of some developed economies like Canada, Denmark, France, Taiwan and South Korea, and other countries that are huge in size like Brazil, India, China and Russia.

The performance of the UAE in the report is an indication of the concerted and broad national competitiveness strategy of the nation and its alignment with the social and economic goals for the prosperity and welfare of the country.

The advance by UAE marked a huge contrast to other countries in North Africa, which due to geopolitical concerns has been affected adversely. The North African country with the highest ranking was Morocco at No. 72.

Globally, the No. 1 spot was retained by Switzerland for the sixth consecutive year, while Singapore maintained its hold on No. 2.

The United States climbed up to No. 3 improving from No. 5 last year.

Finland was No. 4 and Germany rounded out the top five. Both Finland and Germany dropped one place.

The rest of the top 10 included Japan at No. 6, which moved up three spots, followed by Hong Kong, the Netherlands, the United Kingdom and Sweden. The UK improved on spot to reach ninth.

In Europe, many countries were victims of the economic crisis including No. 35 Spain, No. 36 Portugal and No. 81 Greece. The three have seen marked improvements but still struggle.

France at No. 23 and Italy at No. 49 are struggling as well and can seem to completely engage in the competitive process.

In addition, some of the largest emerging markets in the world are facing challenges in the improvement of competitiveness and they including Turkey at No. 45, South Africa at No. 56, Brazil at No. 57th, Mexico at No. 61, India at No. 71 and Nigeria at No. 127.

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