Qatar has ranked fourth among 67 countries in the world in terms of economic performance, according to The World Competitiveness Yearbook 2024, issued by Switzerland-based the International Institute for Management Development (IMD).
Overall, the country improved its position by one notch to 11th spot in 2024 compared to 12th position the previous year, said the assessment, which was based on the developments witnessed by a comprehensive set of data and indicators provided at the local level, along with the results of an opinion poll of a sample of company managers and businessmen on the business environment and the competitiveness of the Qatari economy, as well as comparing such data and indicators with counterparts from other reviewed countries.
Qatar -- with a per capita income of $108,578 (in terms of purchasing power parity) in 2023 – was ranked high in the four main factors: economic performance (fourth), government efficiency (seventh), business efficiency (11th), and infrastructure (33rd), said the report.
"These outstanding results reflect the insight and wise vision of Qatar’s leadership. They also confirm that Qatar is on the right track towards achieving the ambitions of the Qatar National Vision 2030 by implementing the contents of the Third National Development Strategy 2024-30," said Abdulaziz bin Nasser bin Mubarak al-Khalifa, secretary general of the National Planning Council (NPC).
Under the economic performance factor, the most prominent indicators were the unemployment rate, youth unemployment rate, and terms of trade index in which the country ranked first globally.
Within the government efficiency factor, the Qatari economy ranked first in both the consumption tax rate and the personal income tax rate, while it ranked second in the public finance index.
As for the business efficiency factor, Qatar ranked first globally in both the effectiveness of corporate boards and the migrant stock, while it came in second place globally in the working hours index.
Under the infrastructure factor, Qatar ranked first in the sub-factors of energy infrastructure and the number of internet users per 1,000 people.
Regarding the challenges in 2024, the report said Qatar needs to sustain investments in human capital formation and also sustain economic growth and continue economic diversification efforts, allowing for the private sector to play a greater role in the economy.
Calling for efforts to manage a more balanced labour mix to boost productivity, it said there was a need to enhance governance structures and transparency to foster public trust and accountability and increase competitiveness and focus more on innovation.
