Pakistan fell three positions to 110 out of 141 economies in the World Economic Forum’s Global Competitiveness Report 2019. While Singapore has replaced the U.S. as the world’s most competitive economy.
Last year, Pakistan was ranked 107 out of the total 140 in 2018.
In its 2019 Global Competitiveness Report, the WEF measured the strength of 103 key indicators, such as inflation, digital skills, and trade tariffs across 141 countries. The key indicators in the report were organized into 12 pillars, which included institutions, macroeconomic stability, and health.
The forum released its Global competitiveness Report this week, adopting a new method of measuring competitiveness by including indices which represent more knowledge and digital-based ecosystems.
With an overall ranking of 110 out of 141 countries, Pakistan was at:
- 107th for institutions
- 105th for infrastructure
- 131st for ICT adoption
- 116th for macroeconomic stability
- 115th for health
- 125th for skills
- 126th for product market
- 121 for the labor market
- 99th for the financial system
- 29th for market size
- 52nd for business dynamism
- 79th for innovation capacity.
GDP per capita stands at $1,555.4, 10-year average annual GDP growth at 3.6%, five-year average FDI inward flow as a percentage of GDP at 0.8%.
The judicial independence which is considered 1–7 as best, Pakistan ranked 63rd, while in budget transparency the score was 58. The road connectivity of Pakistan was ranked at 52nd in the top 100 and is considered the best. Pakistan’s quality of road infrastructure was ranked at 67th as 1-7 are considered as the best. While in transparency, which includes corruption, Pakistan was ranked at 101, as 0-100 are considered as the best.
In the field of Research and development, Pakistan was ranked at 68th. In terms of innovation capability, Germany stood as the best country while Pakistan followed in 7th place.
In terms of terrorism, Pakistan was ranked as the worst at 141, which is the lowest position. Even though no major incident took place. In the area of train efficiency, where the best index is 1-7, Pakistan was placed at 47, whereas in airport connectivity, the country was placed at 41.
The report noted that Pakistan, Nigeria, Yemen, South Africa, and the Philippines are other countries with notable problems relating to violence, crime or terrorism, and where the police are considered unreliable.
Concerning the Government ensuring policy stability, which is considered 1–7 as the best, Pakistan was ranked at 80th. In respect of entrepreneurial risk, Pakistan was ranked at 62.
Singapore has overtaken the U.S. to become the most competitive nation in the world according to the World Economic Forum (WEF).
The U.S., which held the top spot in 2018′s ranking, dropped into second place this year, although the report’s authors noted that it “remains an innovation powerhouse.”
Singapore named the most competitive economy in the world, scored highly for its public sector, labor force, diversity, and infrastructure. On life expectancy, Singapore was ranked number one, with newborn children expected to live until the age of 74.
You can see the full report on Pakistan here.