GENEVA – Pakistan has shown impressive performance and extraordinary recovery on key competitiveness indicators. The country has been successful in strengthening and improving its institutions and macroeconomic framework, showing stability and improvements to its global competitiveness footing.
The report is an annual assessment of the factors driving countries’ productivity and prosperity. the World Economic Forum Defines competitiveness as the set of institutions, policies and factors that determine the level of productivity of a country, GCI scores are calculated by drawing together country-level data covering 12 categories – the pillars of competitiveness – that collectively make up a comprehensive picture of a country’s competitiveness.
Drawing on data going back 10 years, the report highlights in particular three areas of greatest concern. These include the financial system, where levels of “soundness” have yet to recover from the shock of 2007 and in some parts of the world are declining further. This is especially of concern given the important role the financial system will need to play in facilitating investment in innovation related to the Fourth Industrial Revolution.
Pakistan’s ranking at 115 is measured by the twelve pillars of Competitiveness. On the institutions pillar, Pakistan improved 21 ranks and stands at 90 from 111 last year. Infrastructure improved from 116 to 110, on the Macroeconomic Stability Pillar Pakistan improved 10 ranks and stands at 106.
On other pillars, among 137 countries, Pakistan ranks at Health and Primary Education 129, losing one rank from last year, Higher Education and Training improved from 123 to 120, Goods Market Efficiency 107, Labour Market Efficiency 128, Financial Market Sophistication jumped from 107 to 96, Technological Readiness 111. Maintaining the regional competitiveness edge Pakistan ranks at 28 on the pillar of Market Size.
Also showing sustained improvements on Business Sophistication the rank changed from 95 last year to 81 in 2017, while on the Innovation pillar an impressive improvement of 15 points now places Pakistan at 60 rank on the global competitiveness index.