The six GCC oil-producer states have benefited from the oil boom despite rising energy prices to introduce structural reforms and invest in competitiveness-enhancing measures, helping them improve their status among other MENA countries that were impacted by the regional turmoil and security instability, according to the World Economic Forum's 2013-2014 Global Competitiveness Report. Qatar ranked first in the region and 13th globally (out of 148 states), despite losing two places from the previous year.
Egypt was the worst performer, bottoming at the 118th position and loosing 11 spots. The UAE gained five places from last year and ranked 19th worldwide and second in MENA. Saudi Arabia (20th) fell two places but remained among the top 20. Bahrain (43rd), Jordan (68th) and Morocco (77th) also declined. Algeria moved up to 100th place and Tunisia re-entered the index at 83rd.
“MENA continues to be affected by political turbulence that has impacted individual countries’ competitiveness,” the report noted. Economies that are sharply impacted by unrest and political transition domestically or those of neighbouring countries tend to retreat or stagnate in terms of national competitiveness, according to the World Economic Forum.
|Global Competitiveness Rankings (2013-2014)|
|Rank||Change from last year|
|Source: World Economic Forum|
US President Donald Trump's December 6 announcement that his administration has decided to unilaterally recognise Jerusalem as Israel's capital was described as “against international law” by ... more
Iranian President Hassan Rouhani on November 21 declared the end of the so-called Islamic State militant and terrorist group following decisive battles in Iraq and Syria. Stating that he wished to ... more
Iran is taking control of oil exports from Iraqi Kurdistan's giant Kirkuk field with Baghdad authorising the move as a reward for the Iranians' help in quelling the Kurds' late September push for ... more