How can competitiveness accelerate economic growth in MENA?
The region is aiming at diversifying and growing its economy to reduce dependency on oil, in addition to driving better employment opportunities and long-term prosperity for citizens. This can only be achieved by introducing a mindset of competitiveness, which would create the foundation for a sustainable economy.
There are many approaches that a country can adopt to improve the competitiveness of its regions. While the majority of countries in the world have acknowledged the importance of regional competitiveness, some have focused on a circular cumulative causation model.
When data is tracked and maintained over a number of years, it provides into overall trends regarding a country’s current state of competitiveness. A competitiveness expert analyzes the collected data to determine the story behind the numbers in order to draw conclusions about a country’s competitive position.
The real story behind competitiveness in the GCC region will be enabling leading countries to sustain their competitiveness through a process of strategy, good governance, business-friendly reforms, and innovation that leads to ongoing reinvention and strategic course corrections.
This shall help build more efficient mechanisms to attract investments and encourage local economic growth, and hence creating stronger sustainable systems that are vital for competitiveness.