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Global Competitiveness

Bangladesh goes a step up in ranking

Staff Correspondent
Bangladesh has moved one notch up in the latest Global Competitiveness Report of the World Economic Forum, indicating an improvement in the country's economic efficiency and sophistication.
The country scored 3.72 on a scale of 1 to 7 to move up to the 109th place from last year's 110th, according to the Global Competitiveness Report2014-2015.
The annual list was released by the Geneva-based World Economic Forum (WEF) on Wednesday.
The Global Competitiveness Index (GCI) assesses the competitiveness landscape of 144 economies, looking into their productivity and prosperity drivers.
As per the GCI, Switzerland is the most competitive economy, followed by Singapore.
Other countries in the top ten are the USA (3), Finland (4), Germany (5), Japan (6), Hong Kong (7), the Netherlands (8), United Kingdom (9) and Sweden (10).
Globally, the GCI finds insufficient progress in adopting and implementing structural reforms necessary for long-term economic growth.
Talent development and institutional strength continue to play a defining role in determining world's most competitive economies, the World Economic Forum said in a statement.
"The health of the global economy is at
risk, despite years of bold monetary policies, as countries struggle to implement structural reforms necessary to help economies grow," it said.
In its annual assessment of the factors driving countries' productivity and prosperity, the report identifies uneven implementation of structural reforms across different regions and levels of development as the biggest challenge to sustained global growth.
It also highlights talent and innovation as two areas where leaders in the public and private sectors need to collaborate more effectively in order to achieve sustainable and inclusive economic development.
In South Asia, India slipped 11 places to 71st and Sri Lanka lost eight positions to end at the 73rd. Pakistan advanced four steps to the 129th, Bhutan gained six to end at 103rd, and Nepal jumped up 15 points to 102nd.
The rankings are based on 12 categories that include institutions, infrastructure, macroeconomic environment, health and primary education, higher education and training, market efficiency, financial market development, technological readiness, market size, business sophistication and innovation.