Published: Wed, October 17, 2018
Economy | By

USA 'world's most competitive economy' according to World Economic Forum report

USA 'world's most competitive economy' according to World Economic Forum report

The report emphasizes the importance of trade openness for global competitiveness, saying that the "data suggests that global economic health would be positively impacted by a return to greater openness and integration" whilst also cautioning that new policies are needed for those adversely affected by globalization.

In terms of its ranking across specific pillars this year, Bangladesh was placed in the 108th position on the index for institution, 109th for infrastructure, 102nd for ICT adaptation, 88th for macroeconomic stability, 96th for health, 116th for skills, according to Global Competitiveness Report 2018 released on Wednesday.

The report said the Philippines, along with Nigeria, Yemen, South Africa, Pakistan, had notable problems related to violence, crime or terrorism, and where the police are considered unreliable.

Amid Donald Trump starting trade wars across the globe, the World Economic Forum just unveiled the United States has reclaimed the crown as the most competitive country in the world. "It ranks first overall in the world in three of our twelve pillars; business dynamism, labour markets and financial system".

In infrastructure, Philippines reminds behind in road connectivity, exposure to unsafe drinking water, efficiency of train services, and electrification rate. The US remains top of the list, followed by Singapore, Germany and Switzerland.

The latest report uses a new methodology based on the rapid transformation of the global economy due to the fourth industrial revolution.

India's rank rose by five places from 2017, the largest gain among G20 economies, the WEF said. "It takes time between an announcement, implementation and the impact of a change in policy".

Importantly, the plan needs to demonstrate a strong sense of collaboration between the public and private spheres, the different sectors in the economy and with other economies, he said.

This year's index studied drivers of a nation's productivity and long-term growth by asking what areas it must prioritize.

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