The UAE economy is the most competitive economy in the Middle East
The UAE topped the Middle East and North Africa's countries with the most competitive economy, according to the World Bank Group and the World Economic Forum. It is ranked 17th among the most competitive countries in the world, according to the recently released Arab World Competitiveness Report 2018, while Saudi Arabia is ranked 30th. This rating is based on 12 factors, starting from education and ending with the infrastructure. All these factors are of a great importance for productivity and economic growth. Even though the report indicated an improvement achieved over the past decade in areas such as infrastructure development and technical advancement in the region, it also pointed that many countries are struggling to diversify their economies and build a competitive and vibrant private sector that can promote innovation and create job opportunities. The report indicated that the region will have to provide 58 million job opportunities by 2040 to maintain unemployment rates. However, if it wants to reduce those rates, it will need to provide more job opportunities.
Source: http://www.economy.gov.ae
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