Qatar has been ranked second in economic performance, the International Institute for Management Development (IMD) said in its World Competitiveness Yearbook 2015. The IMD said this year’s assessment confirms Qatar’s strong performance across multiple fronts.
The assessment was based on a range of statistical indicators and on opinions polled among local business leaders for a rounded view of the economy’s competitive position, NewsNow quoted the report as saying.
Qatar also ranked 13th out of 61 high income countries, according to the report. Aside from economic performance, the country was ranked fourth in government efficiency and 11th in business efficiency.
Scope for improvement, however, was identified in some areas, including infrastructure (47). This ranking has been positively influenced by a number of factors, including strong economic performance as represented by current account and trade surpluses, low unemployment rate, and solid GDP growth.
Other contributing factors were a strong surplus in the general budget and efficient financial management. The report also suggested some areas of improvements. These include lowering export concentration by product and partner, strengthening direct inward investment flows, increasing female labor force participation, strengthening high-tech exports, and the share of renewables in total energy requirements.
Collaborative Effort
The assessment of Qatar’s competitiveness in the IMD Yearbook 2015 was a collaborative effort of IMD and the Ministry of Development Planning and Statistics. Qatar has been included to the IMD Competitiveness Yearbook for the seventh time.
The minister of development planning and statistics, Dr Saleh Mohamed Salem al-Nabit, said, “These results confirm that our overall performance is solid and they will certainly help us to identify those areas where we need to consolidate gains and make further improvements.”
He added, “Qatar’s National Development Strategy sets out clear goals in the areas of business regulation, economic infrastructure, and private sector development that will lead to future advances. Qatar has no option but to diversify its economy. If it is to achieve this, we must continuously work to increase efficiency and productivity, and improve our international competitiveness. These results show us where we need to redouble our efforts and improve further. The IMD findings will be carefully studied and, along with other evidence, will help us sharpen our efforts to bolster our economy further.”
