Qatar ranked third in world economic performance for 2019

Doha: The State of Qatar ranked third in the world in terms of economic performance, according to the International Competitiveness Report 2019 published annually by the International Institute for Management Development (IMD) in Switzerland, which confirms the continued strong performance of the Qatari economy.

Qatar has risen to the top 10 in overall competitive indicators from 63 countries, mostly developed countries, compared to 14 in 2018.

The assessment of competitiveness in this report is based on a set of statistical data and indicators from several local and international organizations, as well as the views of businessmen, company managers surveyed by more than 200 companies who presented their views frankly about the business environment and competitiveness of the Qatari economy.

The pillars of Qatar’s advanced ranking in the report included the economic performance in rank (3), the government efficiency in rank (5), and efficiency of the business sector ranked (10), while ranked (40) in Infrastructure hub.

This advanced ranking was supported by a number of factors, including strong economic performance represented by low unemployment rate, high fixed capital formation ratio of GDP, the domestic saving ratio of GDP, trade balance of GDP ratio, high level of total productivity, in addition to rising per capita GDP and low inflation.

The  part of the State of Qatar in Global Competitiveness Book 2019 is the result of the continuous cooperation between the International Institute for Administrative Development in Switzerland on the one hand and the Planning and Statistics Organization (formerly the Ministry of Development Planning and Statistics) on the other hand, it is the eleventh report of the State of Qatar is  taking part in .

H E Dr Saleh bin Mohammed Al Nabit, Chairman of the Planning and Statistics Authority, welcomed the findings of 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 “.

He added that Qatar’s second national development strategy (2018-2022) sets clear objectives in the areas of economic infrastructure and private sector development that will lead to further economic and social growth.

“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,” he 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 noted.

Source: Peninsula