UAE Economy On World’s Top 20 Most Productive Economies

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An annual account assessing 148 countries and their economy competitiveness detailedUAE Economy On World’s Top 20 Most Productive Economies that along United Arab Emirates that together with Norway and Chile “examples of countries that are managing their mineral revenues smartly.”
United Arab Emirates placed 19th in the World Economic Forum’s (Wef) Global competitiveness Index (GCI).
According to the World Economic Forum, UAE’s economy performance hurdled up the Global Competitiveness Report.
The UAE has joined the world’s top 20 most productive economies for the first time after being ranked 19th.
The report added that for three consecutive years, UAE is moving forward on the ranking from 2011-2012 index rank of 24. “Higher oil prices have buoyed the budget surplus and allowed the [UAE] to reduce public debt and raise the savings rate”, the report stated.
With a population of 7.9 million and recorded Gross Domestic Product (GDP) of $358.9 billion with $64,840 annual GDP.
Out of 148 countries the UAE ranked 4th and 9th for goods market efficiency and labour market efficiency, respectively. In infrastructure category, UAE ranked 5th and placed the 7th as overall for its macro-economic environment.
Switzerland retained its throne as the most competitive country on Index for the fifth consecutive year, Finland (3), Germany (4), U.S. (5), Sweden (6), Netherlands (8), and the United Kingdom (10).