Dubai’s rising global rankings in a range of economic indicators show that it is closing the gap with the world’s most competitive economies according to the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, the Vice President, Prime Minister and Ruler of Dubai, and in pursuance of His Highness’s directives to achieve top positions in various sectors, Emirates 247 reports.
Dubai’s achievements in global competitiveness, especially in the ‘Economic Performance’ Pillar, have been driven by the fruitful development strategy it has adopted over the last few decades, and a genuine public-private sector partnership.
Dubai ranks first in the Arab world and fourth worldwide in ‘Economic Performance’ Pillar, ahead of Canada, Japan, Singapore and Hong Kong, and all EU countries (excluding Luxembourg), according to the ‘Dubai Competitiveness Report 2018’ issued by the Switzerland-based IMD World Competitiveness Centre in co-operation with the Dubai Competitiveness Office of the Department of Economic Development (DED).
Dubai ranks first globally in both ‘Gross Domestic Savings’ (% of GDP) and ’Employment Growth’, and second in ‘Exports of Goods’ (% of GDP), low ‘Unemployment Rate’ and ‘Youth Unemployment.’ Dubai also ranks third globally in ‘Employment (%),’ ‘Exchange Rates,’ ‘Export Concentration by Partner,’ and ‘Exports of Goods Per Capita’ in addition to being fourth in terms of both ‘GDP Per Capita’ (by purchasing power parity – PPP) and ‘Tourism Receipts’ (% of GDP).
Within the Arab world, Dubai leads on several indicators such as ‘Direct Investment Flows Inward,’ ‘Forecast Inflation,’ ‘Government Consumption Expenditure–Real Growth’, ‘Export Concentration by Partner,’ and ‘Tourism Receipts’.
The achievements in the field of global competitiveness are a compass to determine positions on the global economic map as well as identify strengths and weaknesses. Thus, the Dubai government is looking at competitiveness as a lifestyle and an approach towards sustainability in an ever-changing international environment.
The ‘Dubai Competitiveness Report 2018’ ranks Dubai the first globally in ‘Employment Growth’ rate and 20th in ‘Employment in the Public Sector’. Dubai is also ranked second in [low] ‘Unemployment’ rate globally especially among the youth. This is due to the efforts exerted by the Ministry of Human Resources and Emiratisation and various stakeholders in enhancing flexibility of the labour market.
The report shows that Dubai ranked first among Arab countries and ninth globally in ‘Direct Investment Flows Inward’ (6.42% of GDP) with a stock of $73.8 billion, ahead of the US, Australia, Canada, Germany, France and China.
The emirate also ranked second in the Arab world and 12th globally in ‘Foreign Direct Investment Abroad’ (4.51% of GDP) with a total stock of $28.8 billion.
‘Dubai Competitiveness Report 2018’ at a glance: The first of its kind in the region, the Report compares Dubai with 63 economies across the world based on 346 competitiveness indicators of the World Competitiveness Yearbook. The Report contains a scientific analysis of the competitiveness indicators in different sectors and their implications on policy development. It also provides reference frameworks for public and private sector decision-making in Dubai to formulate appropriate strategies to promote economic growth and consolidate the emirate’s position on the global competitiveness map.
‘Economic Performance’, one of the Report’s main Pillars, is a composite of various indicators, such as real GDP growth rate, GDP per capita, diversification, employment and unemployment rates, foreign trade (exports and imports), FDI inflow and outflow, resilience of the economy, and inflation.