Kuwait's Global Competitiveness: Progress and Priorities

Kuwait, 25 March, 2024 : Kuwait has achieved the 38th position globally and ranks fifth in the Arab world on the 2023 Global Competitiveness Index, demonstrating notable progress in key competitive aspects. Government efficiency, a critical element, is assessed through five sub-indicators: public finance, tax policy, institutional framework, business legislation, and social framework. The annual report, issued by the Global Competitiveness Center of the Institute for Administrative Development, evaluates countries' ability to create conducive environments for competitiveness.

Assessment is based on countries' resource management proficiency to ensure prosperity for their citizens. The report covers 64 countries, selected for comparable international statistics and collaboration with local partners for reliable data collection. This year, it engaged a global network of partner institutes in 56 countries. Ranking criteria include 335 factors drawn from extensive research, economic literature, and input from various stakeholders.

The report pinpoints nations' strengths and weaknesses, highlighting areas for improvement in economic, political, and social spheres. It assists policymakers in prioritizing competitiveness issues to boost productivity, foster growth, and improve living standards. The focus lies on "country competitiveness", examining the environment's impact on companies' ability to compete domestically and globally.

Key recommendations include establishing an integrated electronic portal for business and investment, enhancing training programs for workforce development, building sustainable digital infrastructure, diversifying the production base, and stimulating private investment. Additionally, there's a call for comprehensive qualification programs, legislation addressing demographic imbalances, and adoption of sustainable investment practices to enhance market competitiveness.

Promoting investment in the knowledge economy to generate high added value and fostering an environment conducive to innovation are also emphasized. These initiatives aim to reform the economy innovatively, increase competitiveness potential, and drive economic growth.

Source : www.zawya.com