The UAE ranked 24th out of 144 countries globally in the Global Competitiveness Report, released yesterday by the World Economic Forum.
This is an improvement by three ranks from last year and ahead of countries such as Australia, New Zealand and Spain. Classified as an innovation-driven economy, the UAE was placed alongside countries such as the United States, Japan, Germany, Singapore, and has been classified as innovation-driven for seven consecutive years—the only Arab country with this distinction.
The Global Competitiveness Report assesses countries’ competitiveness along with the 12 pillars corresponding to three main stages of economic development: Stage 1- - Factor Driven; Stage 2 -- Efficiency Driven; and Stage 3 -- Innovation Driven. Countries are also classified in the transitions from one stage to the next as they progress in their economic development.
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