(MENAFN- The Peninsula)
Victor Bolorunduro
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The Peninsula
Doha: In the 2024 World Competitiveness Booklet published by the International Institute for Management Development (IMD) in Switzerland, Qatar has once again achieved impressive rankings on various global indices.
The country's Economy has secured the top position in both the consumption tax rate and the personal income tax rate within the government efficiency factor. Additionally, Qatar has attained the second rank in the public finance index.
Furthermore, Qatar has excelled in the business efficiency factor of the World Competitiveness Booklet. It has claimed the first position globally in terms of the effectiveness of corporate boards and the migrant stock. Moreover, Qatar has secured second place globally in the working hours index.
In the infrastructure factor, Qatar has emerged as a leader. It has achieved the top rank in the subfactors of energy infrastructure and the number of internet users per 1,000 people.
These remarkable achievements highlight Qatar's commitment to excellence and its continuous efforts to enhance its competitiveness on the global stage.
Qatar has been positioned 11th out of 67 countries in the latest World Competitiveness Report, an improvement from its 12th place ranking last year. The country achieved a fourth place ranking in economic performance, seventh in government efficiency, 11th in business efficiency, and 33rd in infrastructure.
The report attributes Qatar's rise in competitiveness to the country's rise in several indicators at the local level in addition to the results of an opinion poll of a sample of company managers and businessmen on the business environment and the competitiveness of the Qatari economy.
The report then compared Qatar's results to other countries to come up with the ranking.
Qatar secured the fourth position in terms of economic performance, with the highest rankings in key indicators such as the unemployment rate, youth unemployment rate, and terms of trade index, where it emerged as the global leader.
Meanwhile, according to the most recent data from the National Planning Council, the banking sector in Qatar experienced a remarkable surge of 6.3 percent in commercial bank deposits, reaching a total of QR1.024tn ($276.7bn) in April.
Qatar's public sector deposits in commercial banks reached QR372.9bn in April, up 0.9 percent monthly and 11.7 percent annually. The private sector deposits in Qatar's commercial banks, on the other hand, saw a 4 percent annual increase to QR467.1bn but declined 0.9 percent compared to March.
Non-resident deposits saw an annual increase of 1.9 percent and a monthly decline of 2.8 percent, recording QR184.6bn during the same month.
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