Qatar ranks fourth globally in economic performance for 2024

Doha, Qatar: The World Competitiveness Yearbook 2024, issued by the International Institute for Management Development (IMD) in Switzerland, has place...

Doha, Qatar: The World Competitiveness Yearbook 2024, issued by the International Institute for Management Development (IMD) in Switzerland, has placed Qatar at the 11th rank out of 67 countries, most of which are developed countries, compared to the 12th rank last year.

In the report, Qatar ranked high in the four main factors: economic performance (4th), government efficiency (7th), business efficiency (11th), and infrastructure (33rd).

The competitiveness assessment 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's rank was positively influenced by the outstanding performance of many subfactors classified under the four factors mentioned above. 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 subfactors of energy infrastructure and the number of internet users per 1000 people.