WEF ranks economically weak Pak 133 on global competitiveness ratings

The World Economic Forum (WEF) has ranked Pakistan 133rd out of 148 nations on global competitiveness ratings for its deteriorating economic condition.

According to the Global Competiveness Index (GCI) report of 2013-14 by WEF, Pakistan has been clubbed this year among the bottom 15 nations for global competitiveness.

The Pakistan Finance Ministry's poor budget management has pulled down the nation's ranking from last year by nine notches, the Express Tribune reports.

According to the report, rampant corruption, policy instability, the cost of terrorism, inadequate supply of infrastructure, inefficient government bureaucracy and high inflation have greatly affected the country's global standing.

The GCI has placed Switzerland at the top of the ranking for the fifth year in a row. Singapore and Finland remained in second and third place respectively.

Amir Jahangir, chief executive officer of Mishal Pakistan, a partner organisation of the WEF, said the gradual slipping of Pakistan's rank on GCI ratings shows the weakening of its institutions and the capacity of the economy to create space for innovation.