Qatar most competitive economy in Arab world

Doha, Sept 7: Qatar has been ranked the most competitive economy in the Arab world on the World Economic Forum's Global Competitiveness Index this year.

With a score of 5.24, it has jumped three notches up from last year's rank of 17 to finish at the 14th spot among 142 countries.

Other countries of the region following Qatar are Saudi Arabia at rank 17, United Arab Emirates (UAE) at rank 27, Kuwait at 34 and Bahrain at 37.

Qatar's strong competitiveness rests on the solid foundation of high-quality institutional framework, stable macro- economic environment and efficient goods market, according to WEF's Global Competitiveness Report (GCR) of which the index is a part.

The daily "Qatar Tribune" quoted the report as saying Qatar was relatively unharmed by the global economic crisis.

Qatar's high rate of growth combined with prudent government support to the financial sector helped to maintain a strong macroeconomic and financial stability, it pointed out.

The report ranks countries over 110 indicators and contains a detailed country/economy profile for each of the 142 economies featured in the study, providing a comprehensive summary of the overall position in the index rankings as well as a guide to what are considered to be the most prominent competitive advantages and competitive disadvantages of each.

PTI (QNA)