Bahrain has made a remarkable leap of nine places to achieve the twenty-first position in the 2024 World Competitiveness Ranking published by the World Competitiveness Centre – Institute of Management Development (IMD).
This significant progress since its debut in 2022 highlights the Kingdom’s steadfast commitment to developing its ecosystem to spur growth and enhance its competitive advantages.
According to the latest report, Bahrain ranks first globally in 12 indicators and is in the global top 10 in 75 indicators.
This exceptional performance spans various sectors, from the adaptability of government policy to effective public-private partnerships driving technological advancement.
Osama Saleh Alalawi, the Undersecretary of National Economy at the Ministry of Finance and National Economy, said: “The Kingdom of Bahrain has implemented the necessary catalysts for a robust and competitive economy. With effective partnerships and an enabling environment following the best international practices, Bahrain will continue to develop a competitive economy that places human capital at the centre of each policy, initiative, and strategy.”
IMD’s World Competitiveness Ranking highlighted Bahrain’s key features that provide a strong foundation for development.
This includes the adaptability of government policy, where Bahrain ranked eighth globally. The Kingdom’s ability to foster productive partnerships with the private sector was also a significant strength, ranking eighth globally in Public-Private Partnerships.
The financial sector, a cornerstone of Bahrain’s diversified economy, saw several relevant indicators in the top 10 global ranks, including Banking and Financial Services (ninth globally) and Central Bank Policy (sixth globally).
Bahrain’s achievements underscore its strategic focus on human capital development, with its workforce recognised for exceptional skill, adaptability, and productivity.
Citizens remain the primary driving force behind key national achievements with international impact, as reflected in the IMD World Competitiveness Ranking.
The Kingdom ranked fourth globally in the availability of a Skilled Labour force, and sixth in Finance, Digital/Technological, and language skills. Bahrain’s labour force has also been recognised for its flexibility and adaptability, ranking second globally in this area.
These features contribute to high productivity levels, with the country ranking ninth globally in Workforce Productivity.
Bahrain’s continued positive trajectory in the IMD World Competitiveness Ranking results from wise leadership, careful planning, and a shared commitment exemplified by the TeamBahrain spirit.
The Kingdom’s competitiveness stems from multiple complementary accelerators bound by the pursuit of excellence.
The IMD World Competitiveness Ranking is a comprehensive annual assessment of nations’ ability to create and sustain an environment that fosters enterprise competitiveness. It provides valuable insights and benchmarks for governments, businesses, and individuals worldwide.
The UAE climbed to seventh place in the global competitiveness ranking and took the top spot for employment, household expenditure growth, and lack of industrial disputes.
It was also listed among the top three places in the world for property taxes, tourism revenue, immigration laws, and labour force growth.
The report placed Qatar at 11th out of 67 countries, most of which are developed nations, compared to the 12th rank last year.
Saudi Arabia, meanwhile, climbed the rankings, reaching 16th overall of the listed countries.
