ISLAMABAD – Pakistan has been ranked as the 107th most competitive economy on the World Economic Forum’s global competitiveness index for 2018.
The WEF has appreciated efforts of National Accountability Bureau (NAB) for the eradication of corruption. The WEF, in its report, has redefined the competitiveness index 4.0.
The new index provides guidelines for countries to gear up for the fourth industrial revolution. The report indicates that Pakistan has been ranked at 107 among 140 countries on the new index and compared to 2017 Pakistan has improved nine points and is ranked 106 this year as compared to 115 last year.
The report has been presented to NAB Chairman Justice (r) Javed Iqbal by Mishal Pakistan Chief Executive Officer (CEO) Amir Jahangir.
The report indicates that the global ranking for incidents of corruption in Pakistan has been reduced to 99 in 2018 as compared to 102 last year. This change reflects NAB’s proactive approach in reaching out to citizens to create awareness about the negative impacts of corruption. NAB’s activities have been proven to be more transparent and very efficient across the board. The recent developments by NAB have increased public’s trust in institutions and hope for a more transparent nation.
Who scored the best in Global Competitiveness Report?
The United States is the most competitive economy in the world, according to the Global Competitiveness Report, followed by Singapore and Germany at the second and the third positions respectively.
Other countries in the top 10 include the following in ascending order: Switzerland, Japan, Netherlands, Hong Kong, United Kingdom, Sweden, and Denmark.
Pakistan’s neighbour India rose five spots from its 2017 position, the largest gain among G20 economies, the WEF said.
India ranked 58th with a score of 62 in the latest Global Competitiveness Report. Meanwhile, neighbouring China was ranked 28th in the overall list.
According to the report, the top performers in the “upper and lower middle-income brackets”, such as China and India, are catching up with or even outperforming the average among high-income economies.
The Global Competitiveness Index 4.0 methodology has been built on four decades of experience in benchmarking competitiveness. The World Economic Forum’s Global Competitiveness Index 4.0 is a new composite indicator that assesses a set of factors that determine an economy’s level of productivity, it is widely considered the most important determinant of long-term growth.
