ABU DHABI, 22nd June, 2023 (WAM) — The UAE’s economy has shown impressive flexibility, with the government helping by creating the necessary policy framework, encouraging innovation and out-of-the-box solutions, says a local English-language newspaper. The program provides favorable conditions for doing business.
Gulf Today said in an editorial on Thursday: “While the UAE is the most competitive economy in the Middle East and North Africa (MENA) region for the seventh year in a row, it also jumped from 12th place in 2022 to 12th. Ranked 10th in 2023. In 2019, the UAE ranked 5th in the index, still its best performance in the past four years.
“In terms of peer group rankings in EMEA, the UAE ranks 6th. In terms of economic performance, the UAE ranks 4th among the four competitiveness criteria adopted by the Global Competitiveness Center of the International Institute for Executive Development (IMD) in Switzerland , ranked 8th on the government efficiency axis and 16th on economic performance. 26th in business efficiency and 26th in infrastructure. That’s 1 out of 64 countries.”
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, said: “Dubai is at the center of the global trade axis as well as urban management, energy infrastructure, the ability of the government to adapt to change, the absence of bureaucracy doctrine and others. Its outstanding economic performance also ranks fourth in the world.”
“At a time when most large economies are struggling to achieve good enough growth rates, the UAE is one of the few countries that has shown great resilience in the post-COVID period,” the paper added.
Thus, the UAE government becomes a facilitator of economic activity rather than a direct participant.
The 2023 Global Competitiveness Index also shows that it is the smaller economies that do well in difficult times for the global economy. The UAE is one of the smaller economies to succeed alongside the big three economies of Denmark, Ireland and Switzerland. Singapore ranks fourth in the overall ranking.
“But challenges remain, as the Center for Global Competitiveness refers to as ‘multiple crises,’ where there is not just one crisis but multiple crises, all of which require responses to keep the economy on track,” the editorial continued.
The Sharjah daily concluded: “What role the state/government plays in a free market economy has always been a matter of debate. But in a free market economy, the right policies can stimulate the economy. In smaller economies like the United Arab Emirates and the United Arab Emirates, the right policies seem to push the right buttons on the economy.”