Qatar ranked fifth best in the world in global economic performance

Qatar’s people have reasons to feel proud as the country has once again been ranked quite high in economic performance in the world.

Qatar achieved fifth rank in economic performance, according to the World Competitiveness Yearbook 2018, annually published by the International Institute for Management Development (IMD).

Qatar was rated 10th globally for government efficiency, 13th for business efficiency and maintained its ranking at 38 for infrastructure, reported Gulf Times.

Qatar also notched 14th rank among 63 mostly high-income countries, confirming its strong performance across various fields, reported Qatar Tribune.

The evaluations were based on a range of statistical indicators collected from different local and international sources, as well as from opinions collected via surveys distributed to more than 200 local business leaders, who provided their views on Qatari economy’s competitive position.

The rankings were positively influenced by many factors including strong economic performance as represented by Qatar’s low unemployment rate, and the high percentage of gross fixed capital formation (capital investments) and saving to GDP, the high percentage of trade balance to GDP, and the high level of overall productivity.

“These results confirm that our overall performance is solid, and they’ll certainly help us to identify those areas where we need to consolidate gains and make further improvements,” said Qatar’s Minister of Development, Planning and Statistics HE Dr Saleh Mohamed Salem Al Nabit.

He pointed out that Qatar’s Second National Development Strategy (2018-2022) sets out clear goals in the areas of economic infrastructure and private sector development that will lead to economic and social growth.

“Qatar has no option but to diversify its economy. To achieve this, we must continuously work to increase efficiency and productivity and improve our international competitiveness. These results show us where we need to increase our efforts and improve further. The IMD findings will be carefully studied and, along with other indicators, will help us to exert our efforts to bolster our economy further,” he added.