Nigeria Makes Progress In Global Competitiveness Report

Denmark in top ten on world competitiveness list

The World Economic Forum published the Global Competitiveness Report 2018, which analyses the competitiveness of economies in 140 countries around the world.

"The United States, as one of the world's great innovation powerhouses, is very well positioned in this new competitive landscape", the Forum said in an article explaining its ranking.

Among countries in the Association of Southeast Asian Nations (ASEAN), Singapore remains the most competitive, followed by Malaysia, Thailand, and Indonesia, and the Philippines.

South Korea's ranking in global competitiveness rose by two notches this year thanks to improvement in the country's macroeconomic environment and a high-level of information technology, a report showed Wednesday.

However, the 2018 edition, using the new criteria, "backcast" data for 2017 and came up with new rankings for that year.

"China, is already more advanced when it comes to investing in research and development sub-pillar than the average high-income economy, while India is not far behind and let down only by its less-efficient bureaucracy for business creation and insolvency", the report said.

The other top five economies included Singapore, Germany, Switzerland, and Japan.

The categories are health, skills, financial system, infrastructure, institutions, ICT adoption, macroeconomic stability, product market, labour market, market size, business dynamism and innovation capacity.

The WEF's findings lent support to the government's New Southbound Policy as South Asia remains the region with the lowest trade penetration in the world, with imports and exports of both services and merchandise amounting to 39 percent of regional GDP a year ago. With this Report, the World Economic Forum proposes an approach to assess how well countries are performing against this new criterion. The Fourth Revolution builds on the digitalization of the Third Revolution, but it is set apart by the pace of transformation and the depth and breadth of changes affecting virtually every aspect of the economy and society.

"At a time of escalating trade tensions and a backlash against globalization, the report also reveals the importance of openness for competitiveness", it said.

Governments and businesses risk facing a negative impact on growth and productivity, warned the WEF report. Nearly 30 points and 80 ranks separate the United States from Argentina, the worst performing economy of the group.

WEF founder and executive chairman Klaus Schwab explained, "Embracing the Fourth Industrial Revolution has become a defining factor for competitiveness".

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