Over decades, UAE has cultivated numerous stratagems to promote its social and economic position across the globe. In this phase of globalization when the country’s global governance is put to test, it is very important to make a unique stand point among the competitive players. To encapsulate the dynamics of economies in the era of Industry 4.0, UAE started implementing a modern methodology to create a better trade environment and boost the human capital.
According to the World Economic Forum, UAE is currently leading in the macroeconomic stability mainly due to the sustainable public finances. The country also has significantly improved on the ICT adoption and digitization, making it number one in the Arab world and 25th in the Global Competitiveness Report 2018 among 141 countries as published by the WEF. UAE achieved top ranks in many other sub-indices and is on the threshold of constantly enriching its competitiveness in the economy.
The global competitiveness report is one of the most valuable chronicle, as it intends to support countries worldwide to uncover the hindrance in their economic growth as well as to develop strategic approach to amplify prosperity and diminish poverty. This report ensures the comprehensive evaluation of the strengths and vulnerabilities of economic situations of the countries across the world.
The global competitiveness indicators points to the progressive ladder of the UAE in the industry innovation and development in adopting new technologies in various sectors which helped it to uplift its economic development in a structured way.
For crafting an attractive economic environment for the investors, UAE has been placed first in few of the indicators listed:
- The debt dynamics
- No change in the inflation rate
- Increase in mobile internet subscription
- Raise in the electrification rate
- Manpower Diversification index
- Ease of employing foreign labor
Klaus Schwab, Economist, World Economic Forum, said the UAE’s performance has elevated since 2018 as the score moved up from 72.3 to 75.0, even though it did not translate into a superior rank it has retained its position in macroeconomic environment.
In the Middle East region, UAE sustained its status as an exceptional economy followed by Qatar, Saudi Arabia and Oman. UAE continues to modernize its laws and propose new regulations to meet the needs of a maturing economic ecosystem and introduce measures to shrink the cost of doing business to invite massive foreign investment to further enhance its competitiveness in the global market. The country’s forte is to stabilize and support the economic diversification to enable a business friendly milieu which will accelerate the pace of economy.