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Source: CEIC WorldTrend Database
CDM Reference:
Government and Public Finance > Table: Consolidated Fiscal Balance as % of Nominal GDP: Middle East and Africa: Qatar.
Balance of Payment > Table: Current Account Balance: as % of Nominal GDP: Middle East and Africa: Qatar.
Demographic and Labour Market > Table: Unemployment Rate: Middle East and Africa: Qatar.
Monetary > Table: Non Performing Loans Ratio: Middle East and Africa: Qatar
Series IDs: 237042303, 237043603, 240934003, 235205803

Qatar, which is expected to have one of the world’s fastest growing economies this year, was ranked 14th most competitive among 142 countries, up three spots from last year. This is according to the newly released Global Competitiveness Report 2011– 2012, published by the World Economic Forum. Consequently, Qatar remains the most competitive economy in the Arab world and far surpasses many other countries of the region, including Saudi Arabia at rank 17, UAE at 27, Kuwait at 34 and Bahrain at 37.

The report uses 110 indicators to rank countries and contains a detailed profile for each economy featured in the study, providing a guide to the most prominent competitive advantages and disadvantages of each. This year’s report comes out while the global economy is facing multiple challenges and in the midst of a continuing shift in the balance of economic activity away from advanced economies and toward emerging markets. Competitiveness mainly highlights the ability of countries to provide high levels of prosperity to their citizens, which in turn depends on how productively a country uses available resources. Therefore, the Global Competitiveness Index measures the institutions, policies, and factors that set the sustainable current and medium-term levels of economic prosperity. The winners may simply be the ones who are the most resistant to downward forces. Over the past year, the MENA region has been affected by a turbulence that has affected national competitiveness and further widens the competitiveness gap between the Gulf economies and the rest of the region. This trend is reflected in this year's GCI results—most Gulf countries have continued to move up in the rankings, while the competitiveness of many other Arab countries has stagnated or deteriorated. Although some effects of the uprisings and protests of the Arab Spring may have been factored into this year's rankings of the region's economies, the full impact will not be felt until next years’ rankings.

Qatar was relatively unharmed by the global economic crisis. Qatar’s high rate of growth combined with reasonable government support to the financial sector helped to maintain strong macroeconomic and financial stability. Nevertheless, the country’s growth continues to be hampered by restrictive labor regulations, limited access to financing, and an inadequately trained workforce. The country also faces a growing need to diversify into sectors other than oil and gas as well as to promote greater use of the latest technologies and greater openness to foreign competition.

By Salma Fathy in Egypt
CEIC Analyst