Singapore ranks 2nd in global competitiveness index: WEF

19 Octobre, 2018, 13:57 | Auteur: Auguste Feret
  • India Jumps 5 Spots in World Economic Forum's Global Competitiveness Index

Russian Federation topped the competitive table among Eurasian economies and came second behind China among the BRICS nations.

The report argues that numerous key factors that will drive future economic growth, such as idea generation, entrepreneurial culture, openness and agility, have not yet been the focus of major governmental policy making. The report said that Nigeria's ranking improved in four of 12 ranking pillars, namely infrastructure, health, business dynamism and innovation capabilities.

The World Economic Forum's (WEF's) latest findings in its Global Competitiveness Report for 2018/19 again raised several flags about factors in South Africa's economic performance, which are having a serious negative impact on its worldwide competitiveness, says North West University economist Professor Raymond Parsons.

The United States leads the rankings with a score of 85.6 out of 100 and is described as "the closest economy to the frontier, the ideal state".

The top ten economies in the world from the aspect of competitiveness are the USA, Singapore, Germany, Switzerland, Japan, the Netherlands, Hong Kong, Great Britain, Sweden, and Denmark. "To what extent are they able to embrace change and adapt to change and upgrade their economies?"

The report notably finds that attitude towards entrepreneurial risk is the most positive in Israel and tends to be negative in several East Asian economies. Among 12 pillars of this survey, Bangladesh ranked below 50 in one pillar on Market Size (36th).

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Europe's largest economy finishes third overall, with its strongest results coming in the areas of macroeconomic stability, worker skills, business dynamism and innovation capability.

In fact, the country ranked number one in both ICT, or information communications technologies, adoption and macroeconomic stability.

Centre for Policy Dialogue (CPD), the local partner of WEF, released the report at a press briefing at CIRDAP auditorium in Dhaka. The index saw India climb five spots from its rank in 2017.

WEF founder Klaus Schwab cited understanding and openness to new technologies as fundamental to a country's competitiveness. A global innovation powerhouse.

WEF also stressed the "importance of openness for competitiveness", including low-tariff and non-tariff barriers to trade and ease of hiring foreign labour. A total of 140 nations were reviewed by the WEF for its annual Global Competitiveness Report. The Fourth Industrial Revolution - characterised by a fusion of technologies that is blurring the lines between the physical, digital, and biological spheres - has become a lived reality for millions of people around the world.

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