Bangladesh ranks 103rd out of 140 nations on global competitiveness list

Britain scored highly on diversity of workforce but still fell two places on the table of competitive economies

Britain scored highly on diversity of workforce but still fell two places on the table of competitive economies

The United States was named as having the most competitive economy in the world Tuesday, according to the World Economic Forum's annual ranking of nations.

The Philippines was strongest in market size (32nd), labor market (36th), financial system (39th) and business dynamism (39th).

Botswana completes the list of top 5 African countries on the Global Competitiveness Index (GCI) 4.0 Rankings 2018 by placing 90th with a score of 54.5 out of 100.

In terms of its overall competitiveness, with a score of 79.3, Taiwan retained its rank of 13th in the world and 4th in Asia, trailing only Singapore (1), Japan (2), and Hong Kong (3).

In addition, WEF this year used a new methodology to fully capture the new emerging dynamics of what fuels the global economy, which means including some other indicators that were not included before, such as diversity, workers rights, re-skilling, and press freedom.

The United States leads the rankings with a score of 85.6 out of 100 and is described as "the closest economy to the frontier, the ideal state".

The revamp of the rankings put the United States in first place, ending Switzerland's nine-year streak at the top of the table, while China placed 28th and India slid from 40th to 58th.

Switzerland was previously at number one in multiple WEF competitiveness reports. Germany was third, notable for its macroeconomic stability. "With this report, the World Economic Forum proposes an approach to assess how well countries are performing against this new criterion", Politico reported.

"Embracing the Fourth Industrial Revolution has become a defining factor for competitiveness", Klaus Schwab, founder and executive chairman of the World Economic Forum, is quoted in the report.

Of these 12 areas, Việt Nam's health dimension was evaluated highest at 81 points, ranked 68th out of 140.

"With opportunities for economic leapfrogging, diffusion of innovative ideas across borders and new forms of value creation, the Fourth Industrial Revolution can level the playing field for all economies".

The report also weighs in on the now in-vogue topics of trade tensions and the ongoing backlash against globalization visited in several recent election results.

The indicators under infrastructure include quality of roads which saw a drop in Ghana's score from the 2017 report and under health saw an increase in the score for life expectancy but overall rank was at 111 out of 140 countries. "It is possible to be pro-growth and inclusive at the same time".

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