Qatar ranked among best countries in the world in terms of economic performance

Qatar ranked among best countries in the world in terms of economic performance

QLNews
By QLNews

In the last few years, Qatar has been doing everything to make itself an attractive destination for both visitors and investors.

The country made huge strides on multiple fronts and that helped it rise to 12th place — from 18 a year ago — in the World Competitiveness Yearbook 2023, published annually by the International Institute for Management Development (IMD) in Switzerland.

The ranking was based on national statistics provided to IMD, as well as by a survey among businessmen and entrepreneurs who provided their views on the Qatari economy's competitive climate.

Qatar ranked highly in different areas, being first globally in cyber security, second in trade index, government budget surplus/deficit (%), fourth in government efficiency, fifth in economic performance, 12th in business efficiency and 33rd in infrastructure.

Qatar’s high rank was also helped by many factors including its low unemployment rate, youth employment, population growth, collected personal income tax, consumption tax rate, and cyber security.

“The country’s leadership focus has been on Qatar National Vision 2030 which acts as a comprehensive roadmap for social, human, economic and environmental development. Qatar’s national development strategies, including the soon-to-be-launched Third National Development Strategy, have been major drivers in advancing the country’s economic growth and enhancing its competitiveness,” said Planning and Statistics Authority President Dr Saleh bin Mohammed Al Nabit.

Meanwhile, different Qatar-based entities continued to fly high and set new benchmarks, adding to the sense of economic euphoria.

The Hamad International Airport added another accolade to its name by winning the 'Most Innovative Airport Initiative Award' at the Future Travel Experience Innovate Awards event in Dublin on Tuesday.

In another significant development, QatarEnergy signed a definitive 27-year agreement with the China National Petroleum Corporation (CNPC) for the supply of four million tonnes of LNG per year to China. The two entities will also work together in the North Field East LNG expansion project.

The Qatar Financial Markets Authority, in its annual report, said the Qatari share market had attracted foreign investments amounting to QR15.8bn ($4.3bn).

Elsewhere, Dukhan Bank was recognised as the 'Most Transformed Islamic Bank in Qatar 2023.’ They won the recognition during the Euromoney's Islamic Finance Awards 2023.

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