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UAE ranks 5th in KPMG global 2015 Change Readiness Index

UAE. The UAE has emerged No. 5 in the KPMG 2015 Change Readiness Index behind Singapore, Switzerland, Hong Kong and Norway in terms of its enterprise capability, government capability and people and civil society capability according to a recent study by KPMG International and Oxford Economics.

The index ranked 127 countries for their capacity to prepare for and respond to accelerating change brought about by natural disasters, economic and political shocks, demographics and new technologies. 

This comes following the recent announcement that 2014 was the UAE’s strongest economic year since its foundation by HH Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates (UAE) and Ruler of Dubai.

“The CRI shows that there are no absolutes when it comes to change readiness,” said Timothy Stiles, Global Chair for International Development Assistance Services (IDAS), KPMG International.  “A country’s wealth is certainly a contributing factor, but many countries compensate for lesser wealth with robust governance, a strong social foundation, and a positive business environment.”

Vikas Papriwal, Head of Markets, KPMG Lower Gulf said: “UAE’s non-oil sector has been growing rapidly, largely due to initiatives by the government to boost the private and government sector.

“The CRI measures business environment, government capability, including fiscal, regulatory and security aspects and people and civil society capability, including civil society institutions, education, health and technology access – something that the UAE has successfully achieved over the past decade. Further, the government’s role in encouraging entrepreneurship and SMEs has played a crucial role in encouraging long-term economic development.”

The CRI was expanded to 127 countries for 2015, from the 90 countries included in the study’s 2013 ranking.  In the 2015 Index, Singapore repeated its number one ranking from 2013, while Northern and Western European countries dominated the top 20 overall:

1. Singapore 11.   Netherlands*
2. Switzerland* 12.   Germany
3. Hong Kong* 13.   United Kingdom
4. Norway 14.   Canada
5. United Arab Emirates*  15.   Japan
6. New Zealand 16.   Australia
7. Qatar 17.   Austria*
8. Denmark* 18.   Belgium*
9. Sweden 19.   Chile
10. Finland 20.   United States
*Countries that are new to the 2015 CRI

A number of lower income countries perform well in the CRI, demonstrating the benefits of effective policy and investment in compensating for lower levels of wealth. 
 
“The CRI is designed so that users can drill down in each of the pillars for an in-depth picture of a country’s performance for each capability, gaining an understanding of why some nations perform better than others, and what could be done to close the gap,” said Adrian Cooper, CEO of Oxford Economics. 

“Change readiness is complex, and the CRI enables governments, NGOs and private investors to go beyond headlines, unravel this complexity and ultimately make more informed decisions.”

About the Research
The Change Readiness Index (view the online tool) covers 127 countries including the 90 covered in the 2013 CRI plus a combination of additional developed and developing nations. The expanded selection of countries provides greater opportunity for comparison across regions and income levels.

Photo Caption: Vikas Papriwal, Head of Markets, KPMG Lower Gulf

About KPMG International
KPMG is a global network of professional firms providing Audit, Tax and Advisory services. We operate in 155 countries and have more than 162,000 people working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.

About Oxford Economics
Oxford Economics is the world leader in global forecasting and quantitative analysis for business and government, and the most trusted resource for decision-makers seeking independent thinking and evidence-based research. 

Headquartered in Oxford, England, with regional centres in London, New York, and Singapore, Oxford Economics has offices across the globe in Belfast, Chicago, Dubai, Miami, Milan, Paris, Philadelphia, San Francisco, and Washington DC, and employs over 130 full-time people, including more than 80 professional economists, industry experts and business editors.

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