Kuwait has advanced by eight places to reach the 46th rank out of 141 countries in the Global Competitiveness Index (GCI) 2019 published by the World Economic Forum (WEF). Kuwait’s jump by eight spots from the 54th rank it held in 2018 came as the country increased its distance to frontier score by 3 points to reach 65.1 in 2019 up from the 62.1 score it attained last year. Kuwait also maintained its top rank in the macroeconomic stability pillar, coming in the first place.
Among the improvements that Kuwait made in 2019 were the health pillar, were the country came in at 12th rank, way up from the 38th position it occupied in 2018; in the financial system pillar, where Kuwait notched a gain of 14 spots, going from 48th rank last year to end up in 34th position in 2019; and in ICT adoption pillar where the country went from 62nd rank in 2018 to 27th spot this year..
Out of the 103 components under the 12 GCI pillars considered for the 2019 report, Kuwait witnessed improvement in 45 components, whereas 14 components remained stable, and the report showed no comparable rate for seven components that were introduced in this report, and with no available data for two components.
Overall, Kuwait improved or stabilized in 9 out of 12 pillars, including in macroeconomic stability, health, ICT adoption, skills, product market, labor market, financial system, business dynamism and market size. The improvements in Kuwait’s position in the GCI 2019 coincided with similar improvement in the Ease of Doing Business Index DB2020. Kuwait joined, for the first time, the top 20 improvers out of 190 countries according to the initial announcement made earlier by the World Bank Group. The final ranking will be announced only on 24 October.
This progress has been attained through with the wise leadership guidance and foresight of His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah and His Highness the Crown Prince Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah, said a press release from the Kuwait Direct Investment Promotion Authority (KDIPA).
The press release also commended the commitment of His Highness the Prime Minister Sheikh Jaber Al-Mubarak Al-Hamad Al-Sabah to improving Kuwait’s position in international indices, and making it a top priority of the government work program. Full collaboration and cooperation among relevant government entities, the private sector, and civil society helped Kuwait improve its business climate and enhance the competitiveness of the national economy in accordance with the New Kuwait 2035 vision and its developmental goals, said KDIPA.
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