Nigeria Moves 10 Places Up In Global Competitiveness Index

Lloyd Doyle
October 19, 2018

In a related development, a new scientific study has ranked Nigeria 156th among 195 countries, according to a report published yesterday in the global medical journal.

On average, countries around the world scored 60 points on the ranking - a full 40 points away from what WEF considers the optimal conditions for a competitive economy.

General findings The latest report incorporates a number of "new concepts" and "data gathering efforts" to ensure a more encompassing index that can adequately describe competitiveness if the 1r40 economies.

South Korea's ranking in global competitiveness rose by two notches this year thanks to improvement in the country's macroeconomic environment and a high-level of information technology, a report showed Wednesday.

Azerbaijan has significantly improved its position in the ranking by three indicators - "Infrastructure", "Education and Skills", "Dynamism of Business".

The country was ranked lowest in product market at 102nd, business dynamism at 101st and skills at 97th. The US remains top of the list, followed by Singapore, Germany and Switzerland.

However, on a more positive note, the WEF identified that among South Africa's strengths are its large market size, good infrastructure and a well-developed financial system as positive pillars of competitiveness.

For Klaus Schwab, chairman of the World Economic Forum, the Fourth Industrial Revolution is creating new opportunities but it also "threatens a new divergence and polarisation within and between economies and societies". These include idea generation, entrepreneurial culture, openness, and agility.

Centre for Policy Dialogue (CPD), the local partner of WEF, released the report at a press briefing at CIRDAP auditorium in Dhaka.

The report makes a pitch for the importance of "openness" at a time of rising trade tensions and increasing protectionist or isolationist impulses in some parts of the globe - notably the West. 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. On the other hand, Switzerland's ability to reskill and retrain its workforce has seen them so high up in the index based rankings.

The report also called on governments to implement more inclusive and redistributive tax policies, saying that "it is possible to be pro-growth and inclusive at the same time".

"I foresee a new global divide between countries who understand innovative transformations and those that don't".

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