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The recently released Global Competitiveness Report 2011-2012 confirms continued success of at least some Gulf Cooperation Council (GCC) economies in sustaining progress of competitiveness of their global rankings. Qatar and Saudi Arabia made headway in the rankingsof their economies. Bahrain maintained its earlier ranking. However, the UAE, Oman and Kuwait saw their rankings plummet among the 142 economies ranked in the latest report.
The World Economic Forum (WEF) publishes the annual which ranks reviewed economies on the basis of their performance on the Global Competitiveness Index (GCI). In reality, GCI is noted for taking a comprehensive look into reviewed economies by relying on a set of variables.
More specifically, the index ranks economies on the basis of their achievement on three broad categories, namely basic requirements, efficiency enhancers and innovation and sophistication factors. In turn, the basic requirements category is subdivided into institutions, infrastructure, macroeconomic stability, health and primary education. Still, the efficiency enhancers category comprises higher education and training, goods and market efficiency, labour market efficiency, financial market sophistication, technological readiness and market size. Yet the innovation and sophistication factors category is made up of business sophistication and innovation.