Oct 02, 2017 (LBO) - Sri Lanka has slipped to 85th place, lowest in recent years in the World Economic Forum Global Competitiveness Index (GCI), a report said.
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The report released recently says the island dipped 14 slots from the previous 71st place.
The WEF said Sri Lanka dipped mainly due to a deteriorating institutional environment, lower goods markets efficiency and infrastructure that is assessed as less well developed.
The Global Competitiveness Report 2016-2017 assesses the competitiveness landscape of 138 economies, providing insight into the drivers of their productivity and prosperity.
Other South Asia nations were showed a better performance with Pakistan up seven places and Bangladesh up seven places.
This year’s edition highlights that declining openness is threatening growth and prosperity.
It also highlights that monetary stimulus measures such as quantitative easing are not enough to sustain growth and must be accompanied by competitiveness reforms. Final key finding points to the fact that updated business practices and investment in innovation are now as important as infrastructure, skills and efficient markets.
Switzerland, Singapore and the United States remain the three world’s most competitive economies.
“Declining openness in the global economy is harming competitiveness and making it harder for leaders to drive sustainable, inclusive growth,” said Klaus Schwab, Founder and Executive Chairman, World Economic Forum.
The Report series remains the most comprehensive assessment of national competitiveness worldwide