Ghana drops two ranks in latest WEF's Global Competitive Index

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

Pakistan slipped by one position in the Global Competitiveness Index 2018 released by the World Economic Forum (WEF) on Wednesday as compared to a year ago, ranking 107 out of 140 countries, with a score of 4.0.

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

The United States tops the 2018 rankings, confirming its status of most competitive economy in the world, according to the WEF.

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

According to the organization, a new methodology was used to reflect changes "in a world increasingly transformed by new, digital technologies". Here, 103 countries score lower than 50 in this area of the index which is topped by Germany, followed by the United States and Switzerland.

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The US took the top slot with a score of 85.6, buoyed by its capacity for innovation, evident in its high scores in business dynamism and entrepreneurial culture. For example, while Singapore might be the most "future-ready" economy, Finland outdoes it for having a digitally skilled workforce. It performs less well in the adoption of information and communication technologies (ICT), finishing 31st, while under worker health and financial systems, it ranks well below most of its rich-country peers.

The World Economic Forum defines competitiveness as the ability of the country and its institutions to ensure stable economic growth, which would be stable in the medium term. "Yet, it also threatens a new divergence and polarization within and between economies and societies", Klaus Schwab, founder and executive chairman of the WEF, said in the report.

A new methodology, covering 98 indicators from infrastructure to innovation, was introduced to shed light on the effect on productivity of the Fourth Industrial Revolution, which is characterised by a range of new technologies impacting disciplines, economies and industries. The presidency of Donald Trump in the United States, as well as the UK's vote to leave the European Union, has threatened to drastically alter the status quo in worldwide trade in recent years.

Prevalent issues like weak Infrastructures like inadequate power supply, health, education, poor transport network etc. With the Fourth Industrial Revolution in full swing, there is a need to rethink the drivers of competitiveness and therefore of long-term growth.

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