DHAKA: Bangladesh has been ranked 106th, one step up than the previous year, among 138 countries in the Global Competitiveness index.
The Global Competitiveness Report 2016–2017, published by World Economic Forum on September 27 (Tuesday) disclosed the matter.
Center for Policy Dialogue (CPD), which helped in preparing the report, published it in a press briefing at CIRDAP auditorium in Dhaka on Wednesday (September 28).
The report was prepared based on the data provided by International Monetary Fund (IMF) and World Economic Outlook Database till April 2016.
According to the Report, the country has scored 3.8 points out of 7.0.
Bangladesh was ranked 107th among 140 countries in 2015-16.
The World Economic Forum, which has been measuring competitiveness among countries since 1979, defines it as “the set of institutions, policies and factors that determine the level of productivity of a country”.
The Report was prepared based on 12 pillars that were categorized in three sub-indices.
Subindex A (Basic Requirements) includes four pillars – Institutions, Infrastructure, Macroeconomic Environment and Health and primary education.
Subindex B (Efficiency Enhancers) includes six pillars – Higher education and training, Goods market efficiency, Labor market efficiency, Financial market development, Technological readiness and Market size.
Subindex C (Innovation and Sophistication Factor) includes two pillars – Business Sophistication and Innovation.
Bangladesh scored most points (5.2 out of 7) in the 4th Pillar Health and primary education and ranked 105th while scored lowest points (2.7) in the 9th Pillar Technological readiness. In Technological readiness the country ranked 122nd.
The Global Competitiveness Report 2016-2017 assesses the competitiveness landscape of 138 economies, providing insight into the drivers of their productivity and prosperity.
This year’s edition highlighted that declining openness is threatening growth and prosperity.
It also highlighted that monetary stimulus measures such as quantitative easing are not enough to sustain growth and must be accompanied by competitiveness reforms.
Final key finding points to the fact that updated business practices and investment in innovation are now as important as infrastructure, skills, and efficient markets.
Switzerland, Singapore, and the United States remain the three world’s most competitive economies.
BDST: 1154 HRS, SEP 28, 2016
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