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Posted On: 21 June 2023 10:10 am
Updated On: 21 June 2023 10:32 am

Qatar ranks 5th in economic performance as per International Institute for Management Development

Vrinda Abilash
Vrinda Abilash
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Qatar ranks 5th economic performance globally shutterstock 1852173865

The State of Qatar's rank rose from (18th) place to (12th) place in the World Competitiveness Yearbook 2023 - which is published annually by the International Institute for Management Development (IMD) in Switzerland - out of (64) countries, most of which are developed countries.

The ranking was based on national statistics provided to IMD as well as the result of surveying a sample businessmen and entrepreneurs who provided their views of Qatars economy competitive climate.

Areas, where Qatar ranked highly in the report, included economic performance (ranked 5), government efficiency (ranked 4), business efficiency (ranked 12), and improved its rank in infrastructure (ranked 33).

Statement from the Planning and Statistics Authority

A statement from the Planning and Statistics Authority said that Qatar's rank has been positively influenced by many factors including strong economic performance as represented by Qatars low unemployment rate, youth employment, population growth, collected personal income tax, consumption tax rate, and cyber security in which the State of Qatar ranked first in the world, while it ranked second globally in trade index, government budget surplus/deficit (%) and digital transformation of companies, need for social and economic reforms, public-private partnerships and qualified engineers, and ranked third in healthcare infrastructure, current account balance, corporate tax rate on profit, collected total tax revenues, adaptability of government policy to economic changes, government subsidies, central bank policy, banking and finance services, quality of air transport, the use of big data and analytics, environmental laws do not hinder business competitiveness, and electricity costs for industrial customers.

Qatar National Vision 2030

H.E. President of the Planning and Statistics Authority Dr. Saleh Bin Mohammed Al Nabit welcomed the findings of the report saying that "the country's leadership focus has been on Qatar National Vision 2030 which acts as a comprehensive roadmap for social, human, economic and environmental development. National development strategies of the State of Qatar including Qatars Third National Development Strategy - which is expected to be launched before end of the year - have been a major drive in advancing the country's economic growth and enhancing its competitiveness by investing in modernizing and expanding its infrastructure, improving education and healthcare systems, and diversifying its economy by investing in multiple sectors such as finance, logistics and tourism." Qatars competitiveness in IMD World Competitiveness Yearbook 2023 is a collaborative effort between the International Institute for Management Development and the Planning and Statistics Authority. The State of Qatar has contributed to the IMD Competitiveness Yearbook for the 15th time.

Source: QNA
Cover image credit: Shutterstock