Qatar ranks fourth globally in economic performance for 2024
04/08/24
Qatar has improved its ranking to 11th overall in the World Competitiveness Yearbook 2024, issued by the International Institute for Management Development (IMD) in Switzerland.
The report further revealed that the State ranked highly across the four main factors: economic performance - 4th, government efficiency - 7th, business efficiency - 11th and infrastructure - 33rd.
The competitiveness assessment was based on developments within a comprehensive set of data and indicators, along with an opinion poll of industry players exploring the business environment and Qatari economy. Moreover, similar data and indicators were compared against other reviewed countries to create the ranking. Qatar's improved result was positively influenced by the outstanding performance classified under the four main factors mentioned above.
Under the economic performance factor, the most prominent indicators were the unemployment rate, youth unemployment rate and the terms of trade index in which the country ranked first. Within the government efficiency factor, the economy ranked first in both the consumption tax rate and personal income tax rate, while it ranked second in the public finance index. As for the business efficiency factor, Qatar ranked first worldwide in both the effectiveness of corporate boards, while it came second 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.
The results confirm that Qatar is on the right track towards achieving the ambitions of the Qatar National Vision 2030 and is successfully implementing its Third National Development Strategy 2024-2030.
As a result of government investment and reforms, it is clear that the State is a place to consider investing and starting up a business due to the extremely positive business environment combined with generous company formation benefits and incentives.
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