Qatar Achieves Top Global Ranking for Corporate Board Effectiveness

Doha: In the 2024 World Competitiveness Booklet published by the International Institute for Management Development (IMD) in Switzerland, Qatar has achieved impressive rankings across 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.

In the business efficiency factor of the World Competitiveness Booklet, Qatar excelled by claiming the first position globally for the effectiveness of corporate boards and migrant stock. Moreover, Qatar has secured the second place globally in the working hours index.

Regarding infrastructure, Qatar has emerged as a leader, achieving 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 continuous efforts to enhance its competitiveness on the global stage.

Qatar is positioned 11th out of 67 countries in the latest World Competitiveness Report, an improvement from its 12th place ranking last year. The country achieved fourth place in economic performance, seventh in government efficiency, 11th in business efficiency, and 33rd in infrastructure.

The report attributes Qatar’s rise in competitiveness to its improvements in several local indicators and the results of an opinion poll of company managers and businessmen regarding the business environment and the competitiveness of the Qatari economy.

Qatar secured the fourth position in terms of economic performance, excelling 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 significant 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. Private sector deposits in Qatar’s commercial banks 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.