The Arab Monetary Fund said that the development of the levels of competitiveness of Arab economies during the period 2018-2021 witnessed an improvement in six countries during this period, including Algeria, while five other Arab countries maintained their competitive position compared to the previous period 2017-2020.
According to the Fund’s latest report on “Competitiveness of Arab Economies,” the United Arab Emirates maintained its first position in the general index of competitiveness of Arab economies, followed by Qatar, Saudi Arabia, Kuwait, and Oman, while other countries improved their position in the table, such as Algeria, Libya, and Jordan.
The general index of competitiveness of Arab economies issued by the Arab Monetary Fund consists of two main indicators, namely the macroeconomic index and the investment environment and attractiveness index.
The macroeconomic index reflects the extent to which governments are able to achieve the foundations of economic stability that support productivity and competitiveness, while the investment environment and attractiveness index reflects the various policies adopted to improve the business climate in order to attract domestic and foreign investments.
The macroeconomic index is divided into four pillars that include 18 quantitative indicators related to the real sector, the monetary and banking sector, the government finance sector, and the external sector, while the investment environment and attractiveness index includes three pillars that include 11 quantitative indicators related to economic freedom, infrastructure, institutions and good government.
On the other hand, the report added that the index of economic integration among Arab countries moved from 59.7 percent in 2019 to 63.3 percent in 2020, then 65.8 percent last year, which indicates a “significant” degree of economic integration among them.
This indicator is one of the tools used to measure the degree of integration of foreign trade between countries, and lies in measuring the extent to which the pattern of exports of one country matches the pattern of imports of another country, and therefore the greater the degree of similarity between foreign trade, the greater the possibility of trade between them.
The integration index refers to the overlap between the structure of exports and supplies from a country, with imports and demand for another country. It also identifies positive prospects for foreign trade between countries in light of regional trade agreements, as the index looks at whether the two countries concerned exchange products from each other that one of them has. comparative advantage.
Regarding the most important commodities exported by the Arab countries, the report showed that mineral fuel products came in the lead for the year 2021 with $601.580 million, thus accounting for more than 31 percent of the total foreign trade of the Arab countries, followed by precious metals and precious stones with $69.246 million, then Machinery, electrical equipment and parts made from them, with a value of 48.320 million dollars, and plastics and materials made from them, with a value of 42.975 million dollars.
As for imports, the report indicated that the total Arab imports of food and basic commodities amounted to $102.8 billion during 2021, and 14 percent of it was covered by the Arab markets, at a value of $14.6 billion.
At the forefront of these products are live animals and animal products with a total of $76 million, plant products with a value of $5.094 billion, animal and vegetable fats and oils and their products with a value of $1.337 billion, and food and beverage industry products with a value of $8.748 billion.
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