Qatar Achieves Global Leadership In Corporate Board Effectiveness
Qatar has achieved notable rankings in the 2024 World Competitiveness Booklet by the International Institute for Management Development (IMD) in Switzerland. The country has excelled in various global indices, reflecting its strong economic performance and efficiency.
In the government efficiency factor, Qatar's economy secured the top position in both the consumption tax rate and personal income tax rate., it attained the second rank in the public finance index. These achievements underscore Qatar's effective fiscal management.
Qatar has also excelled in the business efficiency factor of the World Competitiveness Booklet. It claimed the first position globally for the effectiveness of corporate boards and migrant stock. Furthermore, Qatar secured second place globally in the working hours index, highlighting its productive workforce.
In terms of infrastructure, Qatar emerged as a leader by achieving top ranks in energy infrastructure and the number of internet users per 1,000 people. These accomplishments demonstrate Qatar's commitment to developing robust infrastructure to support its economy.
Overall Competitiveness Rankings
The latest World Competitiveness Report positioned Qatar 11th out of 67 countries, an improvement from its 12th place ranking last year. The country achieved fourth place in economic performance, seventh in government efficiency, 11th in business efficiency, and 33rd in infrastructure.
The report attributes Qatar's rise in competitiveness to improvements in several local indicators and results from an opinion poll of company managers and businessmen regarding the business environment and competitiveness of the Qatari economy.
Economic Performance
Qatar secured fourth position in economic performance with high rankings in key indicators such as unemployment rate, youth unemployment rate, and terms of trade index. It emerged as a global leader in these areas, showcasing its strong economic fundamentals.
According to recent data from the National Planning Council, Qatar's banking sector experienced a significant surge. Commercial bank deposits increased by 6.3 percent, reaching QR1.024tn ($276.7bn) in April. This growth reflects confidence in Qatar's financial system.
Banking Sector Growth
Public sector deposits in commercial banks reached QR372.9bn in April, up 0.9 percent monthly and 11.7 percent annually. Private sector deposits saw a 4 percent annual increase to QR467.1bn but declined 0.9 percent compared to March.
Non-resident deposits recorded QR184.6bn during April, marking an annual increase of 1.9 percent but a monthly decline of 2.8 percent. These figures indicate dynamic changes within Qatar's banking sector.
Qatar's remarkable achievements highlight its continuous efforts to enhance competitiveness on the global stage. The country's strategic focus on improving various economic factors has contributed significantly to its rising global rankings.
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