Kuwait ranks 38th globally, 5th in Arab world on Global Competitiveness Index
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KUWAIT CITY, March 23: Kuwait has secured the 38th position globally and fifth in the Arab world on the Global Competitiveness Index for the year 2023, showcasing significant advancements in key competitive factors, reports Al-Qabas daily. The government efficiency, a pivotal aspect of the index, is evaluated through five sub-indicators: public finance, tax policy, institutional framework, business legislation, and social framework. The annual global competitiveness report, issued by the Global Competitiveness Center of the Institute for Administrative Development, aims to assess countries’ capacity to foster a conducive environment for competitiveness.
The evaluation is based on countries’ adeptness in resource management to ensure prosperity for their populace. The report encompasses 64 countries, selected based on the availability of comparable international statistics and cooperation with local partner institutes for reliable data collection. This year’s report stands out for its collaboration with a global network of partner institutes in 56 countries. The competitiveness ranking relies on 335 criteria derived from extensive research, economic literature, international, regional, and national sources, as well as inputs from the business community, government agencies, and academics. Continual review and updates of standards are undertaken to incorporate new theories, research, and evolving global economic dynamics.
The report serves to illuminate nations’ strengths and weaknesses, identifying areas for enhancement in economic, political, and social domains. It aids policymakers in prioritizing key competitiveness issues to rejuvenate productivity, spur growth, and elevate living standards. However, companies operate in a national environment that enhances or hinders their ability to compete domestically or internationally – this area of research is called “country competitiveness”, and this is what the Global Competitiveness Taxonomy covers. The following are the most prominent recommendations:
■ Providing an integrated electronic portal to serve the business and investment sector to contribute to supporting the wheel of economic growth, raising the domestic product, and facilitating the operations of the import and export system to raise the level of economic performance in the country.
■ Developing training and professional development methods, to raise the level of performance of workers in all sectors of the country, build national capabilities and competencies, and develop relevant performance indicators, to ensure the quality and efficiency of government services.
■ Establishing an advanced and sustainable digital infrastructure that keeps pace with global ambitions and developments and consolidates the country’s position globally, by enhancing cooperation with leading countries and international organizations in this field.
■ Diversifying the production base and stimulating private investment through privatization and activating partnership between the public and private sectors.
■ Adopting a comprehensive qualification program for all entities in the field of project planning, assessing the entities’ ability to plan and implement, and adopting an accounting system, to ensure achieving quality in the implementation of these projects.
■ Enacting laws and legislation to address the imbalance, achieving balance in the demographic composition, and developing planning policies to modify the current composition.
■- Applying best practices in sustainable investment, to enhance the competitiveness of the Kuwaiti financial market, with the aim of attracting more foreign investments to it.
■ Supporting investment in the knowledge economy to achieve high added value, and create the appropriate environment to unleash creative energies, with the aim of contributing to innovatively reforming the economy, to increase competitiveness potential and drive economic growth.
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