UAE ranked 32nd
Global Competitiveness Report results announced
The UAE economy has been ranked 32 out of 125 in the Global Competitiveness Report (GCR) 2006-2007.
This is the same position it held last year, but Qatar, Kuwait and Bahrain have all increased their ranking.
Qatar is up eight places at 38th, Kuwait is 44th up five places and Bahrain is 49th up one place.
“With the growing complexity of the global economy, The Global Competitivness Report is a contribution to enhancing our understanding of the key factors which determine economic growth and will help explain why some countries are much more successful than others in raising income levels and opportunities for their respective populations,” said Klaus Schwab, founder and executive chairman of the World Economic Forum (WEF).
To reach its conclusion, the GCI produced a profile on each country's economy.
Even though the UAE and Bahrain have been ranked in the top 50, they both suffer the same problematic factors when doing business.
These are: restrictive labor regulations, inadequately educated workforce and poor work ethics in the labour force.
The rankings are drawn from a combination of publicly available hard data and the results of the Executive Opinion Survey.
The report is intended to show how well countries are adjusting to an increasingly competitive economy and how well they are performing against one another.
In surrounding areas, Jordan dropped 10 places to 52 and Egypt dropped to 63.
The nordic countries topped the leader board with Switzerland, Finland and Sweden being ranked in the top three.