Pakistan ranks 110th among 141 countries on WEF's Global Competitiveness Index

A report by the World Economic Forum (WEF) says that Pakistan has slipped three places and now ranks 110th among 141 countries on the international organisation's annual Global Competitiveness Index (GCI).

The index evaluates factors behind productivity and long-term economic growth. The report says Pakistan's ranking deteriorated due to poor performance in key areas of press freedoms, governance, innovation, corruption, life expectancy, productivity, and human development.

The WEF's index maps out the competitive landscape of 141 economies based on more than 100 indicators in a dozen categories.

The forum released the Global Competitiveness Report 2019 this week adopting a new methodology for measuring competitiveness by including indices which represent more knowledge and digital-based ecosystems.

The report said that changing the nature of economic competitiveness in a world that is becoming increasingly transformed by new digital technologies is creating a new set of challenges for governments and businesses, which collectively run the risk of having a negative impact on future growth and productivity.

However, it said Pakistan made improvement in some areas such as budgetary transparency and reduction in organised crimes.

Among the South Asian nations, India is at 68, Sri Lanka 84, Bangladesh 105 and Nepal at 108. The 2019 report uses a methodology aimed to fully capture the dynamics of the global economy in the Fourth Industrial Revolution.