Bangladesh advanced seven placers to rank 99 out of 137 countries in the Global Competitiveness Index (GCI) 2017-18 published by the World Economic Forum (WEF) today.
“Bangladesh has improved its scores across all pillars of competitiveness and its overall score is 3.9, up from 3.8 of GCI 2016-17 when its position was 106 out of 138 nations,” said the WEF.
Centre for Policy Dialogue (CPD) released the GIC at a press conference. Distinguished fellow of CPD Dr Mustafizur Rahman, executive director Fahmida Khatun and Dr Tawfiqul Islam Khan were present at the programme while CPD’s research director Golam Moazzem highlighted the different key-points of the index.
Switzerland has been the world’s most competitive economy, narrowly ahead of the United States and Singapore. Other G20 economies in the top 10 are Germany, the United Kingdom and Japan. China is the highest ranking among the BRICS group of large emerging markets, moving up one rank to 27.
According to the WEF, corruption has been identified as the most problematic factor for doing business in Bangladesh, followed by issues like inadequate supply of infrastructure, inefficient government bureaucracy, inadequately educated workforce and poor work ethic in national labor force.
In the GCI, Bangladesh scored well in macroeconomic environment category, ranking 56th. But its performance in health and primary education, and higher education and training categories were not as impressive – 102nd and 117th respectively.
In terms of market size, the country ranked 38th but stood at 111th in infrastructure, and 118th in labour market efficiency categories.
The WEF index is based on 12 basic factors — institutions, infrastructure, the macroeconomic environment, health, education, market efficiency, the labour market, financial market development, technological capacity, market size, innovation and business sophistication.
The WEF has been publishing the index since 1979.