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Tue, 06/18/2024 - 05:07
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Bahrain soars to 21st globally in IMD’s World Competitiveness Ranking, 1st Globally in 12 Indicators, Top 10 in 75 Sub-Indicators

Manama, June 18 (BNA): The Kingdom of Bahrain has achieved a remarkable leap of nine places to secure the twenty first position in the 2024 World Competitiveness Ranking published by the World Competitiveness Center - Institute of Management Development (IMD). This significant advancement since its 2022 debut highlights the Kingdom’s unwavering commitment in developing its ecosystem that accelerates growth and enhances its unique competitive advantages.


According to the latest report, the Kingdom of Bahrain ranks first globally in 12 indicators and is in the global top 10 across 75 indicators. This outstanding performance spans diverse sectors, from the adaptability of government policy to effective public-private partnerships driving technological advancement.


Osama Saleh Alalawi, the Undersecretary of National Economy at the Ministry of Finance & National Economy, commented on Bahrain's latest achievement: “The Kingdom of Bahrain has put in place the catalysts needed for a strong and competitive economy. With effective partnerships and an enabling environment following the best international practices, Bahrain will continue in developing a competitive economy that puts human capital at the heart of each policy, initiative, and strategy.”


IMD’s World Competitiveness Ranking emphasised Bahrain’s key features that create an effective launchpad for development. This includes the adaptability of government policy, where Bahrain ranked eighth globally. The Kingdom’s capacity to foster productive partnerships with the private sector was also a significant strength, ranking eighth globally in Public-Private Partnerships.


The financial sector, a cornerstone of Bahrain’s diversified economy, saw several relevant indicators in the top 10 global ranks including Banking and Financial Services (ninth globally), and Central Bank Policy (sixth globally).


Bahrain's achievements underscore its strategic focus on human capital development, with its workforce recognised for its exceptional skill, adaptability, and productivity. Bahrainis remain the primary driving force behind key national achievements with an international impact, as reflected in the IMD World Competitiveness Ranking. The Kingdom ranked fourth globally in the availability of a Skilled Labor force, and sixth in Finance, Digital/Technological, and language skills. Bahrain’s labour force has also been recognised for its flexibility and adaptability, ranking second globally in this area. These features contribute to heightened productivity levels, with Bahrain ranking ninth globally in Workforce Productivity.


Bahrain’s continued positive trajectory in the IMD World Competitiveness Ranking results from wise leadership, careful planning, and a shared commitment exemplified by the TeamBahrain spirit. Bahrain’s competitiveness stems from multiple complementary accelerators bound by the pursuit of excellence.


The IMD World Competitiveness Ranking is a comprehensive annual assessment of nations' ability to create and sustain an environment that fosters enterprise competitiveness. It provides valuable insights and benchmarks for governments, businesses, and individuals worldwide.