ID :
206001
Thu, 09/08/2011 - 12:07
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https://www.oananews.org//node/206001
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UAE ranked by Global Competitiveness Report 2011-2012 as innovation-driven economy
Abu Dhabi, Sept 8, 2011 (WAM) - The Global Competitiveness Report 2011/2012 issued by the World Economic Forum, ranked the UAE 27th globally for competitiveness.
The report classified the UAE as an innovation-driven economy. This is the highest stage of economic development that a country can achieve. This classification is based on factors that promote innovation in economic development. The UAE was the only Arab country to be classified in this category for three years consecutively.
Other countries in this stage of economic development include Germany, Japan, Sweden, Australia, Canada, the United States, Switzerland, the United Kingdom and Singapore.
According to the report, the UAE has ranked among the top ten countries in more than 20 global competitiveness indicators, and has scored advanced positions among the 142 countries that the report has covered: The UAE ranked 3rd globally in business costs of crime and violence; 4th globally in quality of air infrastructure; 5th globally in wastefulness of government spending; 5th globally in government procurement of advanced tech products; 5th globally in flexibility of wage determination; 6th globally in quality of port infrastructure; 7th globally in quality of roads infrastructure; 7th globally in the burden of customs procedures. The UAE also scored 10th globally in buyer sophistication sub-indicator.
The Global Competitiveness Report, published annually by the World Economic Forum, ranks countries along key pillars of competitiveness. This year 142 countries are ranked along 12 key pillars (comprised of 110 indicators), namely: Institutions; Infrastructure; Macroeconomic environment; Health and primary education; Higher education and training; Goods and market efficiency; Labour market efficiency; Financial market development; Technological readiness; Market size; Business sophistication and innovation.
The Global Competitiveness Report methodology classifies countries according to three main stages economic development, with transitional stages between them: Stage 1: Factor-driven, which includes a number of developing economies such as Nigeria, Chad, India and Vietnam; Transition from Stage 1 to Stage 2: Most Arab countries fall in the transitional phase between Stage 1 and Stage 2, including Algeria, Saudi Arab Saudi Arabia, Egypt, Kuwait, Qatar, Syria, as well countries such as Sri Lanka, the Philippines and Angola; Stage 2: Efficiency-driven includes countries such as Albania, Bulgaria, Colombia, Jordan; Transition from Stage 2 to Stage 3: includes several Eastern European countries such as Poland, Hungary, Turkey, as well as the Arab countries of Oman and Lebanon. Stage 3: Innovation-driven is the highest stage of economic development, and economies in this category depend on innovation for their economic development.
Countries in this group include United Arab Emirates-which has been ranked in this category for the third year in a row-and countries such as Germany, Japan, Sweden, Australia, Canada, the United States, Switzerland, the United Kingdom, and Singapore.
The Global Competitiveness Report is published annually by the World Economic Forum since 1979, and is a tool that helps countries benchmark their economic performance relative to that of other economies. The information can be used to identify strengths and weaknesses as well as obstacles to sustainable economic growth and prosperity. The methodology of the report, which uses 110 indicators, is based on 32 per cent statistical data and 68 per cent on questionnaires.
Commenting on the report, Abdullah Lootah, Secretary General of the Emirates Competitiveness Council, noted that the UAE continues its drive to build the UAE as a world-leading destination for business and foreign investment. The effort include strengthening the legal framework, and providing excellent infrastructure.
He added that the Emirates Competitiveness Council will closely review the findings of the report, and engage the participation of public and private sectors in interactive sessions to identify ways to improve performance in key areas of importance to the country.
Lootah also stressed the importance of accurate and data, underscoring the need for coordination between federal and local authorities to provide accurate statistics to ensure that UAE performance is properly captured and communicated to international ranking institutions, such as UNESCO the International Monetary Fund, and UNDP, United Nations and others.
Further, he pointed out that achieving high ranking in global competitiveness reports is not an end in itself. Rather it is an indicator of the performance of social and economic sectors, and a chance to compare our performance with that of other countries. Noting the goal is to promote long-term economic growth and well-being of the people of the nation.
The UAE seeks to compete with the leading countries of the world on the basis of its knowledge capital rather than a dependence on natural resources.
The visionary leadership of the country has recognised the importance of competing on the basis of knowledge to maintain growth and momentum over the long term, as is clearly stated in in the UAE's Vision 2021. The vision document focuses on strengthening the partnership between the government and the private sector in order to achieve the vision of the national knowledge-based economy.
The efforts of the country have been reflected through several other international reports; UNDP's Human Development Report 32 internationally, and 1st in the Arab World; 21st globally and 1st among Arab countries for intellectual property rights; 15th worldwide and the 1st in Arab in Report of the Quality of Life index by the Economist Intelligence Unit and 3rd in the world and 1st among Arab countries in Trading Across Borders in the World Bank's Ease of Doing Business Report. - Emirates News Agency, WAM
The report classified the UAE as an innovation-driven economy. This is the highest stage of economic development that a country can achieve. This classification is based on factors that promote innovation in economic development. The UAE was the only Arab country to be classified in this category for three years consecutively.
Other countries in this stage of economic development include Germany, Japan, Sweden, Australia, Canada, the United States, Switzerland, the United Kingdom and Singapore.
According to the report, the UAE has ranked among the top ten countries in more than 20 global competitiveness indicators, and has scored advanced positions among the 142 countries that the report has covered: The UAE ranked 3rd globally in business costs of crime and violence; 4th globally in quality of air infrastructure; 5th globally in wastefulness of government spending; 5th globally in government procurement of advanced tech products; 5th globally in flexibility of wage determination; 6th globally in quality of port infrastructure; 7th globally in quality of roads infrastructure; 7th globally in the burden of customs procedures. The UAE also scored 10th globally in buyer sophistication sub-indicator.
The Global Competitiveness Report, published annually by the World Economic Forum, ranks countries along key pillars of competitiveness. This year 142 countries are ranked along 12 key pillars (comprised of 110 indicators), namely: Institutions; Infrastructure; Macroeconomic environment; Health and primary education; Higher education and training; Goods and market efficiency; Labour market efficiency; Financial market development; Technological readiness; Market size; Business sophistication and innovation.
The Global Competitiveness Report methodology classifies countries according to three main stages economic development, with transitional stages between them: Stage 1: Factor-driven, which includes a number of developing economies such as Nigeria, Chad, India and Vietnam; Transition from Stage 1 to Stage 2: Most Arab countries fall in the transitional phase between Stage 1 and Stage 2, including Algeria, Saudi Arab Saudi Arabia, Egypt, Kuwait, Qatar, Syria, as well countries such as Sri Lanka, the Philippines and Angola; Stage 2: Efficiency-driven includes countries such as Albania, Bulgaria, Colombia, Jordan; Transition from Stage 2 to Stage 3: includes several Eastern European countries such as Poland, Hungary, Turkey, as well as the Arab countries of Oman and Lebanon. Stage 3: Innovation-driven is the highest stage of economic development, and economies in this category depend on innovation for their economic development.
Countries in this group include United Arab Emirates-which has been ranked in this category for the third year in a row-and countries such as Germany, Japan, Sweden, Australia, Canada, the United States, Switzerland, the United Kingdom, and Singapore.
The Global Competitiveness Report is published annually by the World Economic Forum since 1979, and is a tool that helps countries benchmark their economic performance relative to that of other economies. The information can be used to identify strengths and weaknesses as well as obstacles to sustainable economic growth and prosperity. The methodology of the report, which uses 110 indicators, is based on 32 per cent statistical data and 68 per cent on questionnaires.
Commenting on the report, Abdullah Lootah, Secretary General of the Emirates Competitiveness Council, noted that the UAE continues its drive to build the UAE as a world-leading destination for business and foreign investment. The effort include strengthening the legal framework, and providing excellent infrastructure.
He added that the Emirates Competitiveness Council will closely review the findings of the report, and engage the participation of public and private sectors in interactive sessions to identify ways to improve performance in key areas of importance to the country.
Lootah also stressed the importance of accurate and data, underscoring the need for coordination between federal and local authorities to provide accurate statistics to ensure that UAE performance is properly captured and communicated to international ranking institutions, such as UNESCO the International Monetary Fund, and UNDP, United Nations and others.
Further, he pointed out that achieving high ranking in global competitiveness reports is not an end in itself. Rather it is an indicator of the performance of social and economic sectors, and a chance to compare our performance with that of other countries. Noting the goal is to promote long-term economic growth and well-being of the people of the nation.
The UAE seeks to compete with the leading countries of the world on the basis of its knowledge capital rather than a dependence on natural resources.
The visionary leadership of the country has recognised the importance of competing on the basis of knowledge to maintain growth and momentum over the long term, as is clearly stated in in the UAE's Vision 2021. The vision document focuses on strengthening the partnership between the government and the private sector in order to achieve the vision of the national knowledge-based economy.
The efforts of the country have been reflected through several other international reports; UNDP's Human Development Report 32 internationally, and 1st in the Arab World; 21st globally and 1st among Arab countries for intellectual property rights; 15th worldwide and the 1st in Arab in Report of the Quality of Life index by the Economist Intelligence Unit and 3rd in the world and 1st among Arab countries in Trading Across Borders in the World Bank's Ease of Doing Business Report. - Emirates News Agency, WAM
