Qatar’s economic performance is so impressive it beats out nearly every other country on earth according to the International Competitiveness Yearbook 2019, The report is published annually by the Switzerland-based International Institute for Management Development (IMD). The small Gulf nation ranked third (3) out more than 60 countries.
The assessment of economic competitiveness in this report is based on a set of statistical data and indicators from several local and international organizations. It also takes into account the views of businessmen from more than 200 companies who presented their candid views about the business environment and competitiveness of the Qatari economy.
The annual assessment checks on economic factors in 63 developed countries worldwide. It then breaks out ratings for each country in four categories, Economic Performance, Government Efficiency, Efficiency of the Business Sector and Infrastructure. Finally it tallies a combination of all categories for an overall ranking.
In the Economic Performance category, Qatar finished 3rd in the world. The impressive ranking was due to a combination of factors including a low unemployment rate, high fixed capital formation ratio of GDP, the domestic saving ratio to GDP, trade balance of GDP ration, high level of total productivity, a rising per capita GDP and low inflation.
H E Dr Saleh bin Mohammed Al Nabit, Chairman of the Planning and Statistics Authority, was enthusiastic about the report. “These results reinforce Qatar’s high international standing in various fields and will contribute to identifying the areas in which we need to consolidate the gains and do more of improvements “.
Qatar performed so well in the other three categories as well, that 2019 puts them in the top 10 overall in the International Competitiveness Report. They finished fifth (5) in Government Efficiency, tenth (10) in Efficiency of the Business Sector and ranked fortieth (40) in Infrastructure.
Al Nabit said, “We will carefully examine the results of the international competitiveness report along with other indicators that help us to mobilize efforts to strengthen our economy in the future.” He also pointed out that Qatar’s second national development strategy sets clear goals for the areas of economic infrastructure and private sector development. He believes this will bode well for further growth, and will continue to boost the Gulf state’s numbers in future International Competitiveness Reports. The 2019 overall ranking of Qatar as tenth (10) in the world continues their steady upward trend among world economic powers. In 2018 they were ranked fourteenth (14) and in 2017 Qatar was ranked eighteenth (18).
The Chairman was clear about the future, “Qatar has no choice but to diversify its economy. To achieve this, we have to continually improve efficiency and productivity and improve our international competitiveness.”