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Posted On: 16 August 2018 06:08 am
Updated On: 12 November 2020 02:19 pm

Qatar among most competitive global economic powers

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Qatari economy’s strength has once again earned a global recognition. The Arab World Competitiveness Report 2018 has ranked Qatar as the second most competitive economy in the Arab world.

The report, which is a collaboration between the World Economic Forum and the International Finance Corporation- a sister organisation of the World Bank, has also placed Qatar on the 25th rank globally.

“Qatar is the 2nd-most competitive economy in the Arab world, and 25th globally. The drop in oil and gas prices had a significant effect on the country’s fiscal situation,” said the report.

“Yet its macroeconomic environment remains solid at 20th globally and 1st in the region. Qatar’s strengths lie in its solid infrastructure facilities and efficient goods markets,” it added.

Qatar is also in the top in the region in entrepreneurship ecosystems. In the annual Global Entrepreneurship Index (GEI), Qatar has secured highest score in the region, leaving behind its neighbours.

The average score for the region’s countries in the 2018 GEI is 37 percent while Qatar has scored more than 50 percent. GEI measures the quality of entrepreneurship as well as the extent and depth of the supporting entrepreneurial ecosystem across 14 components.

“Going forward, the country will have to ensure better access to digital technologies for individuals and businesses, and further strengthen educational institutions,” noted the report.

“Top-quality infrastructure, a favourable macroeconomic environment, and good levels of health and primary education represent the country’s main strengths,” it added.

Both survey and statistical data reflect the situation prior to the current tensions with neighbouring countries, said the report.

The report has recommended countries to diversify their economies and move away from a model of government-led growth and lessen reliance on natural resources exports. It commended countries that made significant progress in infrastructure development to enhance competitiveness. For example, in GCC countries, the total value of infrastructure projects amounted to $2.7 trillion in 2017.

Source: The Peninsula