DUBAI, May 31 (Xinhua) -- According to the IMD World Competitiveness Center in Lausanne, Switzerland, the United Arab Emirates (UAE) has climbed five places to 10th among the most competitive economies globally.
The UAE, a major oil supplier and the most diversified Gulf Arab country, hit a competitiveness score of 94.08, the highest in the Middle East.
Arturo Bris, director of the IMD World Competitiveness Centre, said the top 10 countries such as the UAE "have maintained a business-friendly environment that encourages openness and productivity."
Meanwhile, Reem Bint Ibrahim Al-Hashemi, UAE Minister of State for International Cooperation Affairs, said the UAE "demonstrates to the whole world the effectiveness and efficiency of the overall development strategy adopted by the government."
In the latest rankings, Hong Kong and Switzerland are the most and second most competitive economies, respectively, while the United States lost the third place to Singapore as the world's biggest economy fell to the fourth, the lowest ranking in five years.
