Thursday, 28 Jan 2021
Oman has jumped 14 places on the Global Competitiveness Report as the World Economic Forum’s annual study ranked the country at 47th place compared to 61st in 2017.

Oman jumps 14 areas in international competitiveness

In ‘terrorism incidence’ index, Oman is ranked initial for no terrorism-associated incidents whilst it is placed fourth for getting least organised crimes. The ROP has been ranked fifth globally in ‘reliability of police services’ index and initial at the GCC level.

Oman is also ranked in best ten for ‘future orientation of government’ at seventh location, whilst the country’s high quality of roads gets eighth rank.

The annual study identified the competitiveness landscape radically altered by the effect of the Fourth Industrial Revolution.

Under the new framework, the US economy is the closest to the competitiveness frontier, followed by Singapore, Germany, Switzerland and Japan.

In GCC, UAE is best ranked at 27th location, followed by Qatar (30th), Saudi Arabia (39th), Oman (47th), Bahrain (50th) and Kuwait at 54th.

This year’s report utilizes a new methodology tool to capture the dynamics of the international economy in the Fourth Industrial Revolution. Many of the elements that will have the greatest effect in driving competitiveness in the future have in no way been the concentrate of significant policy choices in the previous. These contain concept generation, entrepreneurial culture, openness and agility.

The new tool maps the competitiveness landscape of 140 economies via 98 indicators organised into 12 pillars.

For each and every indicator, making use of a scale from zero to 100, it indicates how close an economy is to the best state or ‘frontier’ of competitiveness.

Information Source: Muscat Daily

Check Also

Face masks out of stock in Muscat pharmacies

Pharmacies in 19 currently sweeping the world.