Abu Dhabi, November on 25 2020 Competing with 63 globally competitive economies in the world, the emirate of Abu Dhabi has been ranked 9th globally and 2nd regionally in ‘Economic Performance’ and 12th for ‘Government Efficiency’ indices, published in the World Competitiveness Yearbook 2020 released by the IMD in cooperation with the Competitiveness Office of Abu Dhabi (COAD) of the Abu Dhabi Department of Economic Development (ADDED). The report results were shared during a workshop organized recently by COAD and IMD, presenting Abu Dhabi’s comprehensive data on competitiveness based on several criteria and various global indices.
Competing with 63 globally competitive economies in the world, the emirate of Abu Dhabi has been ranked 9th globally and 2nd regionally in ‘Economic Performance’ and 12th for ‘Government Efficiency’ indices, published in the World Competitiveness Yearbook 2020 released by the IMD in cooperation with the Competitiveness Office of Abu Dhabi (COAD) of the Abu Dhabi Department of Economic Development (ADDED). The report results were shared during a workshop organized recently by COAD and IMD, presenting Abu Dhabi’s comprehensive data on competitiveness based on several criteria and various global indices.
H.E. Mohammed Ali Al Shorafa, Chairman of the Abu Dhabi Department of Economic Development (ADDED) stated that in order to raise Abu Dhabi ranking in indices at regional and global levels, it is important to continuously enhance Abu Dhabi’s competitiveness which can be done by improving the emirate’s investment environment and streamlining business and commerce processes. He highlighted that the report would further boost interest of businesses and investors to consider Abu Dhabi as a preferred hub to start their businesses, operate various trade activities and further expand their business.
H.E. Al Shorafa added: “We are keen to increase investment opportunities in the emirate based on our strategic plans for the local economy, and launch as well initiatives and programs that would facilitate the procedures on doing business and thereby enhance its economic competitiveness, and achieve growth across various vital sectors. COAD in cooperation with ADDED’s strategic partners play a key role in enhancing Abu Dhabi’s competitiveness through the implementation of relevant initiatives and coordinating with a number of competitiveness analysis and study centres around the world.”
He further emphasized ADDED’s commitment to keep improving the necessary measures that will help preserve its economic gains which has been impacted by the COVID-19 pandemic. He pointed out that the achieved results reflect the strength of Abu Dhabi’s economy, driven by the government’s commitment through the launch of a set of incentives, initiatives, and campaigns following a well-defined strategic plan.
The ‘Economic Performance’ index in IMD’s report is based on measuring seven sub-indices which include the ‘Real GDP growth per capita’ and the rate of ‘Youth Exclusion’ in the emirate’s economic activities, where the emirate’s rank outdone all countries that were measured in both. Five other sub-indices which fall under the ‘Economic Performance’ index include the ‘GDP per capita’ where the emirate ranked second globally, third in the ‘Balance of Trade’, and ‘Consumer price Inflation’ respectively, fourth in ‘Employment’ sub-index and sixth in ‘Balance of direct investment flows’.
For the ‘Government Efficiency’ index, the emirate ranked 12th globally, which measures sub-indices such as ‘Redundancy Costs’ and ‘Females representation in Parliament’. The emirate also ranked first globally in both of these indices. Other sub-indices measured in this index include clarity of ‘Immigration Laws’ at seventh place, tenth in ‘Transparency’, seventh in ‘Adaptability of Government Policies’, and fifth in the ‘Total public government debt’.
The report further included the ‘Business Efficiency’ index which comprises 10 sub-indices where Abu Dhabi ranked first in the ‘Overall Productivity’, ‘Productivity in Services’ and ‘Industrial Disputes’ sub-indices. The Emirate came in second place in the ‘Labour Productivity’ sub-index, third in ‘Productivity in industry, fourth in ‘Labour force (%), eighth in ‘Labour force long-term growth’ and ‘Entrepreneurship’, ninth in the ‘Use of big data and Analytics’ and tenth in the ‘Digital Transformation in Companies’ sub-index.
Lastly, for the ‘Infrastructure’ index which has 11 sub-indices, Abu Dhabi came in second in ‘Government expenditure on education per Student’ sub-index; fourth in ‘Environmental Laws’; fifth in both ‘Cyber Security’ and ‘Public-private partnerships’; sixth in both ‘Digital/Technological skills’ and ‘Qualified Engineers’ sub-indices. The emirate further ranked seventh in ‘Sustainable Development’ sub-index; eighth in both ‘Management of Cities’ and ‘Health Infrastructure’, and ninth in ‘Scientific research legislation’ and ‘Quality of air transportation’ sub-indices.
IMD has been issuing the annual report on competitiveness since 1989, covering 63 of the world’s leading economies. The report publishes the ranking of these economies’ global competitiveness based on four main indices namely, economic performance, government efficiency, business efficiency, and infrastructure where they collectively comprise 338 sub-indices.
The report also presents analysis and studies of data and policies that reflect the countries’ capability to establish a sustainable economic environment which contributes to achieving growth in various sectors and providing decent standard of living for the population.