Pakistan Falls To 110th Spot On Global Competitiveness Index
Pakistan’s ranking slipped by three spots to 110 out of 141 countries on the Global Competitiveness Index 4.0 released by the World Economic Forum (WEF).
The WEF, which hosts an annual gathering of business and political elite in Davos, released the Global Competitiveness Report on Tuesday that assesses as to which economies are likely to see productivity and long-term growth.
The annual competitiveness report has been published since 1979. It is pertinent to mention here that in 2018, Pakistan ranked 107 out of 140 countries.
Achieving an overall ranking of 110, Pakistan was placed at 107 for institutions; ranked 105 for infrastructure; ranked 131 for ICT adoption; ranked 116 for macroeconomic stability; ranked 115 for health; ranked 125 for skills; ranked 126 for product market; ranked 120 for labour market; ranked 99 for financial system; ranked 29 for market size; ranked 52 for business dynamism; and 79 for innovation capacity.
According to a press release issued by Mishal Pakistan, the country partner institute of the Future of Economic Progress System Initiative of WEF, the report has adopted a new methodology for measuring competitiveness 4.0 by including indicators which represent more knowledge and digital-based ecosystems.
The Global Competitiveness Index (GCI) 4.0 provides a detailed map of the factors and influences that drive productivity, growth and human development in the era of the Fourth Industrial Revolution, reads the press release.
Mishal Pakistan CEO Amir Jahangir said, “Pakistan needs to bridge the digital divide between citizen’s demand for governance and government’s ability to deliver services through digital and e-governance platforms.”
“The public policy agenda should have ICT adoption as one of the key drivers for transforming the economy to succeed in the fourth industrial revolution era,” he added.
The press release further stated that in South Asia, India was ranked 68, Sri Lanka showed major improvements and was ranked 84, Bangladesh ranked 105 and Nepal ranked 108.
On the other hand, the United States (US) fell to second spot behind Singapore in the report. The US ranking fell partly due to President Donald Trump’s ongoing trade wars, especially with China.