Qatar Shines 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, showcasing its impressive economic and infrastructural advancements.

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. This highlights the country’s strong fiscal policies and efficient government operations.

In business efficiency, Qatar ranked first globally for the effectiveness of corporate boards and migrant stock, and second for working hours. These rankings reflect the country’s robust business environment and its commitment to maintaining an effective and diverse workforce.

Qatar also excelled in infrastructure, ranking first in energy infrastructure and the number of internet users per 1,000 people. These achievements underline Qatar's dedication to developing world-class infrastructure and fostering digital connectivity among its population.

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. This upward movement is a testament to the country’s comprehensive and strategic development efforts.

Qatar's rise in the rankings 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. These factors highlight the country’s successful policies in promoting economic stability and growth.

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. This growth in the banking sector indicates a strong and resilient financial system, capable of supporting the nation's ambitious economic goals.

Qatar's impressive performance in the 2024 World Competitiveness Report underscores its position as a leading global economy. The nation’s continuous improvements in various sectors highlight its commitment to achieving sustainable growth and maintaining a competitive edge on the world stage.