Jordan ranks 52nd among world’s most competitive economies

Amman (UNA-OIC) - The 30th edition of the IMD World Competitiveness Yearbook, saw a slight increase in the ranking of Jordan, moving up four places and landing at 52nd.

This boost in Jordan's competitiveness is due to better government and business efficiency, as well as improved performance in several of the measured indicators such as public finance, tax policy, business legislation and digital transformation. All of which facilitate the creation and development of business in Jordan, especially so in the digital work frame which the world is in today, which changes the work we do and the way our economies work.

However, the way for Jordan to rank among the world's most competitive economies is long. The country still ranks low in the labor force, and even more so in the inclusion of women in the workforce. Additionally, the kingdom's domestic economy's performance remains the same as last year which was a drop of 5 placements compared to 2016. In order for Jordan to strengthen its economic resilience, it should work towards a more inclusive growth and sustainable development, this includes poverty reduction and creation of jobs, particularly for women and youth.

Director of the IMD World Competitiveness Center, Professor Arturo Bris said: "Jordan advanced by four places with respect to last year, reaching the 52nd position in 2018. Jordan boosted its competitiveness mainly through better government and business efficiency. Specifically, a reduction in taxation and a general improvement in business confidence across different areas (as business legislation and labor market regulation) contributed to this result." Globally, the 2018 rankings emphasize a long-term trend highlighted in past editions that the countries on the top of the list each have a unique approach to becoming competitive.

The top five most competitive economies in the world remain the same as in the previous year, but their order changes. The United States returns to the first spot, followed by Hong Kong, Singapore, the Netherlands, and Switzerland.

The IMD World Competitiveness Center, a research group at IMD business school in Switzerland, has published the rankings every year since 1989. It compiles them using 258 indicators. 'Hard' data such as national employment and trade statistics are weighted twice as much as the 'soft' data from an Executive Opinion Survey that measures the business perception of issues such as corruption, environmental concerns and quality of life. This year 63 countries are ranked.

Source: International Islamic News Agency