Qatar Excels in 2024 World Competitiveness Rankings

In the 2024 World Competitiveness Booklet by the International Institute for Management Development (IMD), Qatar has achieved top global rankings in several key indices.

Qatar's economy secured first place in the consumption tax rate and personal income tax rate within the government efficiency factor and second place in the public finance index.

In business efficiency, Qatar ranked first globally for the effectiveness of corporate boards and migrant stock, and second for working hours.

Qatar also excelled in infrastructure, ranking first in energy infrastructure and number of internet users per 1,000 people.

Overall, Qatar improved to 11th out of 67 countries in the World Competitiveness Report, up from 12th last year. The country ranked fourth in economic performance, seventh in government efficiency, 11th in business efficiency, and 33rd in infrastructure.

Qatar's rise is attributed to local improvements and positive opinions from business leaders. Key indicators such as the unemployment rate, youth unemployment rate, and terms of trade index saw Qatar leading globally.

Additionally, Qatar's banking sector experienced significant growth, with commercial bank deposits increasing by 6.3 percent to QR1.024 trillion ($276.7 billion) in April. Public sector deposits rose by 11.7 percent annually, while private sector deposits increased by 4 percent annually. Non-resident deposits grew by 1.9 percent annually.

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