According to the recently released World Economic Forum’s Global Competitiveness Index Report 2017–2018 Nigeria emerged 125 position in for 2017 with 3.30 which is two steps above the 127 position in 2016. The Global Competitiveness Index 2017–2018 Rankings covers 137 economies, the Global Competitiveness Index 2017–2018 measures national competitiveness—defined as the set of institutions, policies and factors that determine the level of productivity.
The Global Competitiveness Index 2017–2018 Rankings covers 137 economies and measures national competitiveness—defined as the set of institutions, policies and factors that determine the level of productivity.
The Global Competitiveness Index has been measuring the factors that drive long-term growth and prosperity for over four decades, helping policymakers identify challenges to be addressed and strengths to build on when designing the economic growth strategies for their countries.
And while the notion of competitiveness and the economic environment in which economic policy and investment decisions are made have continuously evolved, the past decade has seen a buildup of significant shifts that are fundamentally transforming the context in which policy decisions to foster economic growth are made.
The report has found that the global economy is recovering well nearly a decade on from the start of the global financial crisis with GDP growth hitting 3.5 percent in 2017. The eurozone, in particular, is regaining traction with 1.9 percent growth expected this year. The improvement in Europe’s economic fortunes can be seen in the report and the following infographic which shows that six European economies are among the world’s ten most competitive.
The World Economic Forum defines national competitiveness as the set of institutions, policies and factors determining productivity levels. Switzerland grabbed top spot in the report with an index score of 5.86 out of 7, recording strong and balanced results across the most important determining factors such as health, primary education and a reliable macroeconomic environment. The United States comes second for national competitiveness, though the report notes that it needs to improve its macroeconomic environment as well as health and education, both of which scored poorly.
Eight of the world’s ten worst countries for national competitiveness were in Africa. Yemen has been devasted by war in recent years and it comes bottom with a score of 2.87. It was followed by Mozambique and Chad, both of which had a score of less than three. The only other non-African country in the bottom ten was Haiti which scored 3.22.