São Paulo – Qatar, Saudi Arabia, United Arab Emirates, Oman and Kuwait are among the top 50 countries in the Global Competitiveness Report released by the World Economic Forum this Wednesday (4th). The ranking covers 144 countries and is topped by Switzerland.
The ranking is based on the Global Competitiveness Index, which assesses 12 pillars in order to determine the level of competitiveness of different countries. the pillars include macroeconomic environment, institutional structure, education and primary healthcare, infrastructure, higher education and training, goods market efficiency, labour market efficiency, financial market development, technological readiness, market size, business sophistication, and innovation.
At 11th, Qatar is the best-ranked Arab country. “Its strong performance in terms of competitiveness rests on solid foundations made up of a high-quality institutional framework, a stable macroeconomic environment (2nd), and an efficient goods market (10th). Low levels of corruption and undue influence on government decisions, high efficiency of government institutions, and high levels of security are the cornerstones of the country’s very solid institutional framework, which provides a good foundation for heightening efficiency,” according to the report.
Saudi Arabia is the second-best-ranked Arab country, at 18th. “The country has seen a number of improvements to its competitiveness in recent years that have resulted in a solid institutional framework, efficient markets, and sophisticated businesses. s. Higher macroeconomic stability (6th) and more prevalent use of ICT for productivity improvements contribute to maintaining Saudi Arabia’s strong position in the GCI.”
In the 24th position, the Emirates were hailed for its improved institutional structure, and greater macroeconomic stability. “Overall, the country’s competitiveness reflects the high quality of its infrastructure, where it ranks a very good 8th, as well as its highly efficient goods markets. Strong macroeconomic stability and some positive aspects of the country’s institutions—such as an improving public trust in politicians and high government efficiency —round up the list of competitive advantages,” according to the report.
Oman, at 32nd, and Kuwait, at 37th, are the other Arab countries among the top 50.
Brazil is ranked at 48th. This is the country’s first time in the top 50. Brazil moved up five positions, driven by improvements in macroeconomic conditions, and high usage of communication technologies, according to the report. “Overall, Brazil’s fairly sophisticated business community enjoys the benefits of one of the world’s largest internal markets, which allows for important economies of scale and continues to have fairly easy access to financing for its investment projects,” the document explains.
*Translated by Gabriel Pomerancblum
