Global Competitiveness Report 2016-2017 ranks Pakistan at 122 among 138 states
Shares
ISLAMABAD: (APP) Pakistan improves four points on the Global Competitiveness Index of the World Economic Forum (WEF).
For the eighth consecutive year, Switzerland ranks as the most competitive economy in the world, narrowly ahead of Singapore and the United States, a Global Competitiveness Report 2016-2017 said.
READ MORE: China-Pakistan Economic Forum CEOs meet
Pakistan has shown some extraordinary recovery on the economic front, where the country has been successful in improving its macroeconomic framework to improve its global competitiveness, the report added.
According to the report, Pakistan was classified as a factor driven economy, which basically depends on improving its institutions, infrastructure, macroeconomic stability, health and primary education indicators.
The report further said Pakistan improved from 119 to 111 on the institutions pillars, while infrastructure improved only one point and stands at 116 this year.
READ MORE: Pakistan’s Geo-economics termed vital for improving image: Scholars
On the Macroeconomic Stability Pillar Pakistan jumped from 128 in 2015 to 116. A solid 12 points gain, which shows the country has made economic progress on gross national savings percentage of GDP, where Pakistan improved from 115 in 2015 to 107 this year.
While the government debt percentage to GDP also ranks at 95 among 138 economies in the world.
The biggest gain, however, was in the area of inflation; annual percentage change where Pakistan moved from 127 in 2015 to 93 in 2016, the Global Compitiveness Report 2016-17 said.
On other pillars, among 138 countries, Pakistan ranks at Health and Primary Education 128, Higher Education and Training 123, Goods Market Efficiency 117, Labour Market Efficiency 129, Financial Market Sophistication 107, Technological Readiness 119, Market Size 29, Business Sophistication 95 and Innovation 75.
READ MORE: Pakistan emerging economy is attracting global funds managers: UK Report
Amir Jahangir, Chief Executive Officer of Mishal Pakistan, the Country Partner Institute of the Global Competitiveness and Benchmarking Network of the World Economic Forum said, "Pakistan has shown improvements on some of the key indicators to improve its global competitiveness, however the country still needs to integrate itself into the digital and cyber world.
Pakistan with approx. 186 million population offers great prospects if data and knowledge-based policy making is introduced in the country".
He further said, "decision making based on big-data can enable the governments to engage their citizens in policy making and democratization of development process. In the fourth industrial revolution Pakistan can make a larger digital footprint in the cyber world, thus making its mark on the global policy making, however the country needs to equip its next generation with education and knowledge through digital services and mobile broadband".
