Pakistan slips three spots to 110th on global competitiveness index

Daniel Fowler
October 10, 2019

India has slipped 10 spots to 68th on the World Economic Forum's annual Global Competitiveness Index (GCI), largely because several other economies have improved, the Press Trust of India has reported. It is also ahead of Hong Kong, the Netherlands, Switzerland, Japan, Germany, Sweden, the United Kingdom and Denmark, most of which are Organisation for Economic Co-operation and Development countries.

India's ratio of feminine staff to male staff of zero.26 has fetched it a rank of 128 whereas the nation was positioned at 118th place when it comes to meritocracy and incentivisation. It is less competitive in areas of information and technology (ICT) adoption at 8th place, infrastructure, also at 8th, and health at 7th.

The WEF lowered the US competitiveness to the second place partly due to the country's trade uncertainty, as its trade openness is more than four points lower than that in 2018, according to the report.

Singapore topped all 141 economies based on productivity, overtaking the United States.

In the overall rating, India is followed by some of its neighbours along with Sri Lanka at 84th arrangement, Bangladesh at 105th, Nepal at 108th and Pakistan at 110th arrangement.

Singapore's rise was partly propelled by the slide in the performance of the U.S., which fared better in trade openness a year ago.

Hong Kong rose four spots to third place.

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Singapore also scored well because of its financial system, market efficiency and macroeconomic stability.

"We must continue to build on our strong fundamentals, improve the capabilities of our enterprises, transform our industries and ensure that our workers are well-equipped with the right skills to stay competitive".

The Ministry of Economy, he affirmed, would closely coordinate with its federal and local government partners and the private sector, and cooperate with UAE's global partners to launch more innovative initiatives that stimulate and accelerate the national economic development, sharpen national economy competiveness edge driven by diversification, sustainability, knowledge, innovation, technology and scientific research so as to deliver the leadership's vision for building a national economy that achieves prosperity and progress for the UAE people.

The report's index maps out the competitive landscape of 141 economies based on more than 100 indicators in a dozen categories.

"Health conditions remain poor, as reflected in low healthy life expectancy (59.4 years, 109th), which is one of the shortest outside Africa and significantly below the South Asian average", says the report.

The WEF said 10 years on from the global financial crisis, the global economy remains locked in a cycle of low or flat productivity growth despite the injection of more than $10 trillion by central banks.

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