A PRESTIGIOUS global ranking has emphasised Bahrain’s unwavering commitment in developing its ecosystem that accelerates growth and enhances its unique competitive advantages.

The kingdom has achieved a remarkable leap of nine places to secure the 21st position in the 2024 World Competitiveness Ranking published by the World Competitiveness Centre – 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, 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.

Finance and National Economy Ministry Under-Secretary of National Economy Osama Alalawi 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 8th globally. The kingdom’s capacity to foster productive partnerships with the private sector was also a significant strength, ranking 8th 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 (9th globally), and Central Bank Policy (6th 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.

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