(MENAFN- Muscat Daily) Muscat- Oman has jumped 14 places on the Global Competitiveness Report as the World Economic Forum's annual study ranked the country at 47th place compared to 61st in 2017.
In 'terrorism incidence' index, Oman is ranked first for no terrorism-related incidents while it is placed fourth for having least organised crimes. The ROP has been ranked fifth globally in 'reliability of police services' index and first at the GCC level.
Oman is also ranked in top ten for 'future orientation of government' at seventh place, while the country's quality of roads gets eighth rank.
The annual study found the competitiveness landscape radically altered by the impact of the Fourth Industrial Revolution.
Under the new framework, the US economy is the closest to the competitiveness frontier, followed by Singapore, Germany, Switzerland and Japan.
In GCC, UAE is top ranked at 27th place, followed by Qatar (30th), Saudi Arabia (39th), Oman (47th), Bahrain (50th) and Kuwait at 54th.
This year's report uses a new methodology tool to capture the dynamics of the global economy in the Fourth Industrial Revolution. Many of the factors that will have the greatest impact in driving competitiveness in the future have never been the focus of major policy decisions in the past. These include idea generation, entrepreneurial culture, openness and agility.
The new tool maps the competitiveness landscape of 140 economies through 98 indicators organised into 12 pillars.
For each indicator, using a scale from zero to 100, it indicates how close an economy is to the ideal state or 'frontier' of competitiveness.
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