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.
The forum released the Global Competitiveness Report 2019 this week adopting a new methodology for measuring competitiveness by including indices which represents more knowledge and digital-based ecosystems.
However, to give a comparison with the old methodology, the WEF has given a ranking called the backcasting, where Pakistan has actually fallen, and is ranked at 110 this year compared to 107 in 2018. Economic experts say the new methodology had been able to capture the business dynamism and innovation capability of Pakistan and helped the country in registering some gains.
On the 12 Pillars of Competitiveness, among 141 countries, Pakistan ranks at 107th on institutions, infrastructure (105), ICT adoption (131), stability (116), health (115), skills (125), product market (125), labour market (120), financial system (99), market size (29), business dynamism (52) and innovation capacity (79).
Among the South Asian nations, India is at 68, with Sri Lanka 84 and Bangladesh at 105 and Nepal at 108. The 2019 report uses a methodology aimed to fully capture the dynamics of the global economy in the Fourth Industrial Revolution. These include idea generation, entrepreneurial culture, openness, and agility. The new tool maps the competitiveness landscape of 141 economies through 98 indicators organized into 12 pillars.
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17 November, 2019