Sri Lanka ranked as the “most improved country” in 2019 Global Competitiveness Index
In 2019, the Global Competitiveness Index (GCI) published by the World Economic Forum (WEF) on Wednesday, indicated that Sri Lanka strengthened in this year’s rankings. Sri Lanka rose to 84th among 141 countries in the world, with an overall score of 57.5. Sri Lanka is South Asia’s most improved state, while India has lost ground in the 68th place rankings.
Bangladesh was 105th elsewhere in South Asia, Nepal 108th, and Pakistan 110th. The 2019 Global Competitiveness Report reveals an average of 61 points across the 141 economies. The index maps 141 economies’ competitiveness environment by separating 103 measures into 12 themes. Each test shows how close an economy is to the ideal state or “mark” of competitiveness, using a scale from 0 to 100.
The pillars cover broad socio-economic elements including institutions, infrastructure, ICT adoption, macroeconomic stability, health, skills, product market, labour market, financial system, market size, entrepreneurial dynamism and capacity for innovation.
Singapore took the top spot in the World’s Most Competitive Economies list for 2019, with a ranking of 84.8 (+ 1.3), overtaking the United States, which dropped into second place. Hong Kong SAR (3rd), Holland (4th), and Switzerland (5th) complete the top five.
Asia-Pacific is the most dynamic region in the world, closely followed by Europe and North America, according to the WEF survey. While losing to Singapore overall, the United States remains a powerhouse for technology, ranking 1st on the pillar of business dynamism, 2nd on the potential for growth, and 1st on attracting skilled workers.
OSL Take:
The statement made by the World Economic Forum is indicative of the potential in Sri Lanka’s export sector where neighbouring India is concerned. Sri Lanka already has an (FTA) with India, and the two countries are now in the process of finalising the Economic and Technology Cooperation Agreement (ETCA). Sri Lanka is on an excellent footing to engage in trade businesses with India. The island nation would, therefore, provide an ideal base ground for foreign enterprises to carry out trade with India.
| Article Code : | VBS/AT/20191108/Z_T3 |