The World Economic Forum, while hosting an annual event for elite businesspersons and politicians in Davos, released the Global Competitiveness Report 4.0. The report is being released since 1979 and ranks the countries according to their global economic productivity and long-term growth. According to the latest Global Competitive Index 4.0, Pakistan has slipped three positions and currently stands at 110th rank from 140 countries in total. Pakistan stood at 107 from 140 countries in 2017.
Officials from Mishal Pakistan, a country partner institute of the future Economic Progress system initiative of the WEF, have said in a press release that the WEF has adopted a new methodology for issuing the rankings in the current era of the Fourth Industrial Revolution. They said that the rankings are based upon several factors that drive productivity, growth, development and incorporate more information on the rankings as compared to the previous reports.
CEO of Mishal Pakistan, Amir Jahangir said that, “Pakistan needs to bridge the digital divide between citizen’s demand for governance and the government’s ability to deliver services through digital and e-governance platforms.”
While the overall ranking of the country is 110, the country ranks 107 for institutions, 105 for infrastructure, 131 for ICT adoption, 116 for macroeconomics stability, 115 in health, 125 in skills, 126 among product markets, 120 among labor markets, 99 in financial systems, 29 for market size, 52 in business dynamism and 79 for innovation capacity. According to the new rankings, India ranks 68, Sri-Lanka Ranks 84, Bangladesh ranks 105 and Nepal ranks 108.