Global Competitiveness Index 2019

KDIPA: Kuwait advances in WEF's Global Competitiveness Index 2019

09/10/2019

KUWAIT-- Kuwait Direct Investment Promotion Authority (KDIPA) announced Wednesday that Kuwait has advanced by eight places to reach the 46th rank out of 141 countries in the Global Competitiveness Index (GCI) 2019 based on the report issued by World Economic Forum (WEF).

According to a KDIPA press release, as compared to its 54th rank in GCI 2018 out of 140 countries. Kuwait also increased its distance to frontier score by 3 points to reach 65.1 in GCI 2019 up from 62.1 in GCI 2018.

Kuwait maintained its top rank in the macroeconomic stability pillar, in the first place, said KIDPA.

It added that Kuwait notably improved its rank in the health pillar (12th rank out of 141 countries in GCI 2019 up from 38th rank out of 140 countries in GCI 2018), in the financial system pillar (34th rank up from 48th rank), and in ICT adoption pillar (37th rank up from 62nd rank).

Out of the 103 components under the 12 GCI pillars in 2019 report, Kuwait witnessed improvement in 45 components, whereas 14 components remained stable, and the report showed no comparable date for seven components that were introduced in this report, with no available date for two components.

Overall, Kuwait improved or stabilized in 9 out of 12 pillars of GCI 2019 that included macroeconomic stability, health, ICT adoption, skills, product market, labor market, financial system, business dynamism, market size.

KDIPA reiterated that the improvement in Kuwait 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, awaiting publication of the full report before end of this month. This progress has been attained with the 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 the press release.

The press release also commended the commitment of His Highness the Prime Minister Sheikh Jaber Al-Mubarak Al-Hamad Al-Sabah to improve Kuwait position in international indices, making it at the top priority of the government work program.

The efforts were carried out with full collaboration among the competent government entities, the private sector, and the civil society, to improve business climate and enhance the competitiveness of the national economy in accordance with the National Vision 2035 and its developmental goals.