The UAE joins the top five most competitive economy in the world

The UAE government’s efforts to ensure the country’s economic standing is among the world’s top performing economy is paying off year-on-year as it gained the first rating in 20 sub-indices and the second in nine positions, from the IMD World Annual Competitiveness Report 2019 given on Tuesday.

The Switzerland-based think tank released its annual report and shows that the UAE jumped from the seventh place last year to the fifth position in 2019.

The UAE has gained significant improvement in its competitiveness for the third consecutive year. The key factors are improvement from government efficiency, business efficiency, and infrastructure improvement.

The UAE has launched long-term visas and permanent residency for expatriates. The government also amended and canceled over 1,500 service fees for different public departments which would raise the country’s competitiveness and ease of doing business rating.

The president and CEO of Dubai Chamber of Commerce and Industry,
Hamad Buamim, commented that the new “Golden Card” system and the long-term visas strategically complement other existing measures which are improving ease of doing business and competitiveness in the UAE.

Globally, the leading competitive economies were Singapore, Hong Kong, USA, Switzerland, UAE, Netherlands, Ireland, Denmark, Sweden, and Qatar. Other major global economies are Canada, China, Germany, Japan, France, and India.


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