UAE ranked among world's most competitive economies

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The UAE has entered the top ten in the list of most competitive countries in the world, according to the World Competitiveness Ranking 2023.

In the latest report published by the International Institute for Management Development (IMD), the UAE ranked first in the Middle East and North Africa region for the seventh consecutive year and reached the tenth position worldwide, climbing two spots from last year.

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, lauded the latest achievement.

He congratulated President His Highness Sheikh Mohamed bin Zayed Al Nahyan, and commended the people of the UAE for their efforts, dedication and support for their leadership.

The UAE is the world leader in government efficiency, with the lowest personal tax rates, the most adaptable policies and the least bureaucracy.

It also ranks among the top five countries in indicators such as flexible residency laws, low tax evasion rates, and affordable capital and consumption taxes.

Moreover, the UAE advanced in the economic performance pillar from sixth to fourth place globally, while in the business efficiency pillar, the country advanced to 16th place globally.

The UAE also topped the world in the infrastructure pillar, in indicators such as low dependency ratio, inbound mobility of higher education students, city management, internet users, air transport quality and energy infrastructure.

Globally, Denmark ranked first, followed by Ireland in second place, and Switzerland in third place.

The World Competitiveness Yearbook is an annual report that assesses the competitiveness of national economies on 4 main Competitiveness Factors, 20 sub-factors, and 330 sub-indicators.

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