UAE named 15th most competitive country in the world

The UAE is the 15th most competitive country in the world, according to an annual report by Swiss business school IMD. It has slipped three places from last year, seeing declines in areas including exchange rate stability and exports of goods. But the report says the Emirates’ economy remains dynamic and its government competent. It adds that the country needs to continue diversifying away from the oil sector, and speed up efforts to introduce regulations to keep up with the modernization of government services. Elsewhere in the region, Qatar landed the number 13 spot. Last year’s number one, the US, dropped two places to third, overtaken by Hong Kong at number one and Switzerland at number two.