Kuwait notches up in Arab Economic Competitiveness
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ABU DHABI, Dec 23: Kuwait has made progress in the Arab Economic Competitiveness Index for 2023, coming eighth in the macroeconomic index compared to ninth place in the previous classification, the Arab Monetary Fund (AMF) said. The AMF added in the seventh issue of the Arab Economies Competitiveness Report 2023, issued Friday that Oman, Saudi Arabia, Qatar, the UAE, Kuwait, and Bahrain occupied the advanced positions respectively in the Arab Economic Competitiveness Index.
Four Arab countries kept their positions for 2019-2022 compared with 2018-2021, while competitiveness position has improved in nine Arab countries, namely Jordan, the UAE, Algeria, Iraq, Oman, Qatar, Kuwait, Libya and Yemen, the report of which KUNA obtained a copy said. Competitiveness in four other Arab countries declined, it said, referring that the UAE keeps the first place Arab Economic Competitiveness Index, thanks to its advanced rank in macroeconomic, and investment environment, and attractiveness indices, followed by Qatar, Saudi Arabia, Oman, Kuwait and Bahrain.
On the monetary and banking sector index, Qatar ranked first, benefiting from its advanced position in the indicators of credit granted to the private sector and non-performing loans, it noted. Kuwait obtained second place in this index, as it made progress in nonperforming loans decline and foreign assets growth rate indices, followed by Morocco, it stated. The report went on to say that Kuwait got the 11th position in the investment attraction and environment index, and the second in public revenue to the GDP index.
It report said that many Arab countries have adopted multiple national strategies and visions to enhance productivity, improve the efficiency of produced goods, and focus on productive sectors. The Arab countries are seeking to develop service sectors, facilitate business environments, and boost infrastructure to address challenges that impede their competitiveness. The report focused on Arab countries’ national efforts aiming to achieve economic stability and enhance sustainable economic development to improve living conditions for Arab citizens. It indicated that Arab countries focus on education and workforce training to ensure providing required skills for the foreign sectors and services as well as improve massive infrastructure through major projects like port facilities, and logistics services. The Arab Economic Competitiveness Index aims to measure the competitiveness of Arab countries in light of economic and international. It has two main indices: The macroeconomic sector, and the environment and investment attractiveness index. Each index consists of a set of sub-indices.(KUNA)
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