The World Economic Forum (WEF) has published its annual global competitiveness report, which ranks countries based on how competitive their economies are (Global Competitiveness Index). This time the US fell to second place, overtaken by Singapore as the most competitive nation.
The GCI is based on 12 “pillars of competitiveness”, providing a comprehensive picture of the competitiveness landscape in countries around the world at all stages of development. The pillars include Institutions, Infrastructure, Macroeconomic Stability, Health and Primary Education, Higher Education and Training, Goods Market Efficiency, Labour Market Efficiency, Financial Market Sophistication, Technological Readiness, Market Size, Business Sophistication,and Innovation.
Here is a list of the top ten competitive nations:
Regarding Nepal’s standing, here are few details:
Overall, it ranks 125 out of 131 nations considered in the report. Specifically, institutions (123), infrastructure (131), macroeconomic stability (86), health and primary education (106), higher education and training (124), goods market efficiency (117), labor market efficiency (122), financial sophistication (99), technological readiness (132), market size (96), business sophistication (126), and innovation (130). Overall, Nepal had four “advantages” and 116 “disadvantages”. Gloomy report for Nepal!