Qatar is the strongest performing economy in the Middle East and North Africa (Mena), according to the World Economic Forum’s first Human Capital Index (HCI) released yesterday in New York.
Qatar is ranked 18 globally in the HCI, which has identified the most successful countries in the world when it comes to maximising the long-term economic potential of their respective labour forces.
Switzerland is ranked number one overall, followed by Finland (2) and Singapore (3). Six of the remaining seven countries in the top 10 are in northern Europe, including Germany (6) and the UK (8).
The 122-country ranking (representing over 90% of the world’s population), which forms the basis of the HCI, also finds strong performances from countries in North America, Asia and the Middle East.
Canada enters the Index in tenth position, while Japan (15) and the US (16) are solidly established in the top 20.
The HCI measures countries on their ability to develop and deploy healthy, educated and able workers through four distinct pillars: Education; Health and Wellness; Workforce and Employment; and Enabling Environment.
China (43) is the highest of the BRICS economies, followed by Russia (51), Brazil (57), India (78) and South Africa (86). The highest-ranking countries in Latin America and Sub-Saharan Africa are Costa Rica (35) and Mauritius (47) respectively. Countries at the low end of the rankings include Egypt (111), Pakistan (112), Nigeria (114) and Yemen (122).
In Europe, a clear geographical division has emerged in terms of countries’ ability to exploit their human capital endowments, with those in southern and eastern Europe faring poorly compared with their neighbours to the north and west.
Among these, Spain ranks 29, recording high marks in the Health and Wellness pillar (12) but doing less well in terms of Workforce and Employment (70). But, it comes ahead of Italy (37), Greece (55) and Serbia (85).
France ranks 21, with strong Education and Health and Wellness rankings offset by shortfalls in Workforce and Employment and its Enabling Environment.
In North America, Canada ranks ahead of the US, primarily on account of its excellent rating for Education, where it comes second in the world. The US’ position (16) is earned by its dynamic workforce and capacity to attract talent, as well as its innovation potential and high levels of university-level education.
Weaker factors include relatively high levels of non-communicable diseases (NCDs) during prime working ages and comparatively low levels of mental well-being.
After Singapore and Japan, Asia’s highest ranking countries are Malaysia (22) and Korea (23). China, at 43, benefits from low unemployment and high business perceptions of skill levels, but is held back by health measures, the quality of its legal framework and low levels of tertiary education in the current workforce. India, at 78, scores well for Workforce and Employment (49) but poorly for Health and Wellness (112).
Qatar ranks 26 on Education, 7 on Workforce and Employment and 15 on Enabling Environment. However, it fares less well on Health and Wellness (44), due to high levels of NCDs, obesity and years spent in poor health.
UAE (24), Israel (25), Saudi Arabia (39) and Bahrain (40) are next. Tunisia (67), Lebanon (74), Morocco (82) and Egypt (111) occupy some of the lowest positions in the rankings. Yemen is in the last place.
Costa Rica (35) and Chile (36) are Latin America’s leaders, while Barbados (26) leads in the Caribbean. Brazil (57) is held back by a relatively weak performance in Education.
The highest-placed Sub-Saharan African country is Mauritius (47), followed by Botswana (79) and Kenya (81). Nigeria, the most populous nation on the continent, ranks 114. Mali (118), Burkina Faso (119) and Guinea (120) occupy the lowest positions in the region.
The report is the result of collaboration between teams at the World Economic Forum, Mercer Consulting and Harvard University and consultation with a wide set of constituents from academia, business, government and civil society.