Bangladesh has slipped two positions to be ranked 105th among 141 countries this year in the World Economic Forum’s Global Competitiveness Index, reports UNB.
Bangladesh ranked 103rd last year among 140 countries.
Khondakar Golam Moazzem, research director at Centre for Policy Dialogue (CPD), revealed the information while presenting the report in the city on Wednesday.
CPD has been releasing the report since 2001.
He said that Singapore ranked top in the 2019 GCI followed by the USA, Hong Kong, Netherlands, Switzerland, Japan, Germany, Sweden, the UK and Denmark.
According to the report, the rankings improved for some South East Asian Countries –- Viet Nam (10 positions) and Cambodia (4 positions).
Most of the South Asian Countries except Sri Lanka and Nepal have slid. Both countries jumped by 1 position to 84th and 108th respectively. Rest of the South Asian countries slipped by as high as 10 positions in case of India, 2 positions in case of Bangladesh and 3 spots in case of Pakistan.
The CPD research director also said that Bangladesh’s overall score has remained same like last year, at 52.1 in 2019.
According to the The Global Competitiveness Report 2019, indicators are organised into 12 ‘pillars’: Institutions; Infrastructure; ICT adoption; Macroeconomic stability; Health; Skills; Product market; Labour market; Financial system; Market size; Business dynamism; and Innovation capability.
Moazzem said that Bangladesh’s competiveness has declined in 10 out of 12 pillars. Significant deterioration in rankings were observed in cases of macroeconomic stability (-7 positions), labour market (-6 positions), ICT adoption (-6 positions) and infrastructure (-5 positions).
“Bangladesh’s weaknesses are in business dynamism, labour market, product market and skills following corruption,” he said.
The CPD research director further said Bangladesh should address some of the challenges to ensure business-friendly environment and improve its position in the Global Competitiveness Report. So the country should focus on improvement of the governance and institutions, infrastructure, financial system and business operations.
He also suggested the government to further increase investment in ICT sector and to put emphasis on the development of labour skills.
“There are some concerns for lack of preparation for fourth industrial revolution (4IR) technologies, absence of necessary regulatory framework and skills and no clear pathways for businesses. Education and skills needs to be lined with future demand for technologies and businesses,” Khondakar Golam Moazzem added.
Replying questions CPD executive director Fahmida Khatun said, “We need to reform institutions, increase capacity and update human sources for sustainability of economic growth.”
She also urged the government to continue anti-corruption drives for improving in the index.
Senior research fellow Towfiqul Islam Khan said that corruption and inefficiency increase cost of projects that’s why the country suffers financially.