Despite the current Pandemic catastrophe UAE’s resistance positions it 9th globally for economic competitiveness

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Key Highlights

  • The efficient management of the overall health catastrophe alongside a stabilized economy had aided the Emirates for mitigating as well as for ducking out the Pandemic-thronged out blows that had in fact shaken out the other nations.
  • As per the fresh survey done by the Switzerland’s International Institute for Management Development, the UAE or Emirate has been instrumental in being positioned as amongst the ninth best viable nation globally for the second year in tandem, thereby maintaining its spot as the only Arab nation amongst the top 10, despite all the COVID-19 Pandemic turmoil.
  • Switzerland surpassed this year’s ranking, trailed by Sweden, Denmark, the Netherlands as well as the Singapore.

The IMD’s World Competitiveness Ranking 2021 deals the affluence and attractiveness of 64 nations based on economic operation, government competence, business competence and infrastructure, as well as a survey of executives operating in the respective economies.

The UAE also obtained a top 10 position in 40 main and sub pointers controlled in the report that assesses student mobility, cyber security, language assistances, health infrastructure, entrepreneurship, defiance toward globalisation, the compliance of government policy among other metrics.

The UAE’s Vice President and Ruler of Dubai, Sheikh Mohammed bin Rashid, applauded the nation’s achievements within the Twitter handle and also stated that Emirates to press upon the evolutional aspects. He stated out that “We did not stop during the pandemic and we will not stop after it.”

The nation earned the dividends of investment over the preceding two decades in its infrastructure and approval of technology that assisted it to adapt and subdue the Covid-19 pandemic.

There were foremost swings in nation rankings “due to the aftermath of the pandemic, and the results it has left on various aspects of countries’ performance indicators measured in the report”, the IMD stated. The fact that the UAE upheld its position “is testament to the country’s stable economy and the strength and effectiveness of the policies enforced since the pandemic.”

The economy is set to nurture by 2.5 percent this year and its non-oil economy by 3.6 percent, according to Central Bank of the UAE guesstimates. The economy is anticipated to nurture 3.5 percent in 2022 and non-oil growth will intensification to 3.9 percent.

The Economy Minister Abdulla Bin Touq stated the preceding month that; “The nation also aims to double the size of its economy over the subsequent decade to Dh3 trillion ($817 billion) within the year 2031.

The UAE’s economy remains to recover from the pandemic-driven slump down, supported by Dh388 billion worth of economic provision measures. Government initiatives, counting visas for expatriate retirees and the extension of the 10-year golden visa scheme to boost foreign professionals to settle in the nation, have also facilitated to progress investment outlook.

Other nations from the territory that featured in the index were Qatar in 17th position, Saudi Arabia in 32nd and Jordan that stood at the 49th position.

The IMD stated out that; “Strength in these areas prior to the pandemic allowed these economies to address the economic implications of the crisis more effectively.”

As per the survey, the topmost-performing economies are categorized by varying degrees of investment in innovation, differentiated economic happenings and caring public policy.

Switzerland amended its economic routine comparatively with the preceding year, particularly in global investment and employment. Under the government competence index, it accomplished the maximum placing in terms of public finances and institutional frameworks, according to the survey.

Sweden, which notched up to 2nd place from 6th last year, also graded highly in terms of economic presentation, employment and government competence. Denmark released one place in the rankings to 3rd place, due to a comparatively poor presentation in government efficiency, according to the survey.

The IMD also stated out that; “China’s rise in the rankings, from 20th to 16th, continues the upward trajectory it has been on for a decade, thanks to its continued reduction of poverty and boosting of infrastructure and education.”

Other nations that witnessed out an enhancement in 2021 included the UK, which got progressed up a notch to 18th place, France which came in at 29th, Italy at 41st and Greece at 46th.

While Singapore persisted to be the top-performing Asian nation, it slid to fifth this year from the numero uno position it had held for the preceding two years.

“Singapore has run into problems with job losses, lack of productivity and the economic impact of the pandemic,” the survey stated. Territorially, Eastern and Central Asia, and Western and Eastern Europe intensified in the attractiveness statuses this year, while North and South America and Western Asia and Africa deteriorated.

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