Global Economic Forum has classified the UAE economy for seventh year consecutively among 23rd world economies based on innovation and creativity.
According to The Global Competitiveness Report 2012-13 released by the World Economic Forum in Geneva on Wednesday, the UAE has been ranked 24th out of 144 countries globally, jumping three ranks from last year.
The report evaluates the countries competitiveness along the 12 pillars corresponding to three main stages of economic development: Stage 1: Factor Driven; Stage 2: Efficiency Driven; and Stage 3: Innovation Driven.
The UAE had joined the innovation and creativity driven economies since 2006. As a result it has been ranked ahead of New Zealand, Australia, Italy and Spain.
Reem Al Hashimy, Minister of State and Chairperson of the Emirates Competitiveness Council said the report is an authentication from the international community about the status of UAE as one of the most advanced and innovative countries, thanks to the wise UAE leadership for the UAE's 2021 vision to make the UAE one of the most competitive countries in the world by 2021.
She added that the UAE's competiveness index regarding the labour market efficiency surged by 21 points to seventh globally, reiterating that the UAE would score better results in the next global competiveness reports.
The UAE topped the list of Arab countries and ranked 5th globally in the World Bank s Doing Business Report for ease of trading across borders. Similarly, it ranked 1st among Arab countries and 17th worldwide on the UN's recent World Happiness Report and 16th internationally in the IMD’s World Competitiveness Yearbook.