Pakistan further falls three points on the Global Competitiveness Index
Pakistan stood at the lowest position among its regional peers and competitors.
Pakistan’s position on WEF’s (World Economic Forum) Global Competitiveness Index has further skidded three points to 110th spot due to the economic condition. As the Global Competitiveness Report of 2019 reveals, Pakistan has further deteriorated on seven out of 12 pillars. WEF measures ‘institutions, policies, and factors’ that affect a country’s prosperity in the mentioned report.
Pakistan has further worsened performance on press freedom and corruption than the past year. However, its ranking has improved on the index of reducing organized crimes and an independent judiciary. The life expectancy in the country, further decreasing by six months, now stands at 58 years according to the report.
However, surprisingly, despite claims of the improved security situation, Pakistan maintained its position on the terrorism index and no improvement was seen. We also remained the bottom one among the south-Asian nations on indicators of governance, innovation, productivity, and human development.
Where did Pakistan show improvement?
Among 103 global competitiveness indicators, Pakistan improved on 42. It deteriorated significantly on 39 indices and maintained its position on 10 indicators. This year, 12 new indicators were introduced as well.
Following were the significant outcomes of the report:
- Pakistan improved two ranks on the institutions’ pillar, now stands at 107.
- Labour market efficiency ranking improved by one point, now stands at 120.
- Two-points improvement in market size pillar, stood at 29.
- Pakistan jumped 15 notches to 52 on business dynamics pillar.
- Pakistan dropped 13 ranks on macroeconomic stability due to inflation and increased debt.
- Pakistan’s position slipped seven points on the infrastructure pillar, stands among bottom 10.
- Pakistan’s position slipped by six notches on the health pillar.
- Rank on human skills pillar remained unchanged.
- Four positions lower on the products market.
- On the pillar of financial systems, the position deteriorated by 10 points, stands at 99.
- Four notches below the last year’s level on innovation capability.
Pakistan stood at the lowest position among its regional peers and competitors. Despite losing ten points than last year, India was still ranked number one in the region. It was followed by Sri Lanka, Bangladesh and Nepal.
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