The United Arab Emirates (UAE) and the Kingdom of Bahrain have achieved better results according to the Global Economic Diversification Index for the year 2024 among the Gulf Cooperation Council (GCC) countries.
The report of the Global Economic Diversification Index for the current year, published on the official website of the Mohammed bin Rashid School of Government, revealed the success of Saudi Arabia and Oman in achieving a 10-point increase in economic diversification scores during the period from 2020 to 2022.
This has bolstered measures aimed at accelerating economic improvement in the Gulf Cooperation Council region.
According to the report, these indicators have encouraged investment in new technology sectors, plans to expand tax bases, trade liberalization through free trade agreements, and improvements in regulatory and commercial environments, as well as facilitating incorporation rights and labor mobility.
The report also includes three indicators related to digital trade in the sub-trade index, presenting the adjusted Trade+ index for the period from 2010 to 2022 for a subgroup of 106 countries, and e-commerce in the Greater Middle East region.
The index for these countries improved during the period from 2020 to 2022.
The report stated that research on countries producing and exporting goods has great potential to enhance their economic diversification according to the Global Economic Diversification Index (EDI) and trade classifications, through investment in adopting new technology and digital services.
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