Pakistan is world’s 15th least competitive country, according to the Global Competitiveness Report (GCR), released by World Economic Forum (WEF), Switzerland, today.
In South Asia, it’s far below than Bhutan and Nepal.
Here’s everything you wanted to know about Pakistan’s performance in Global Competitiveness Report – in 10 photos and on one page.
VIDEO: See Wali Zahid explaining GCR and Pakistan future on a Business Plus show with Junaid Gul.
What is common between Pakistan – the world’s 15th most powerful military power and the 43rd largest economy by GDP – and some of Africa’s poorest nations like: Guinea, Chad, Sierra Leone, Burundi, Malawi, Mozambique, Madagascar, Liberia, Swaziland and Mali? (Not to mention Myanmar in South East Asia and Haiti in South America.)
They all share the rock-bottom ranking in 2015-16 GCR. See image above.
In overall ranking, Pakistan stands at 126 out of 140 countries and in some parameters like business costs of terrorism, it’s even worst: 139 out of 140.
Switzerland tops the Global Competitiveness Index (GCI) ranking and at end of list is Guinea, at 140.
We improved three places from last year’s report. Although the total number of countries listed this year has also been reduced from 144 to 140.
Below is the GCI ranking of all 140 countries:
In South Asia (Saarc), Pakistan is the lowest. Other Saarc countries ranking:
India leads the way at 55th, followed by Sri Lanka (68th), Nepal (100th), Bhutan (105th), and Bangladesh (107th).
Below is Pakistan score in each of the 12 pillars and parameters.
Business costs of terrorism and tariffs/duties make the rock-bottom at 139 and 137 out of 140.
If this government is really interested in improving things, they do not need to go beyond this document – no need to invite macro and micro consultants on exorbitant fees – just hand over the GCI Report to relevant ministries and make them get things right to a deadline. Then start an accountability.
This is THIS easy!
Below is a list of most problematic factors for doing business in Pakistan. Corruption and tax rates (is Minister Ishaq Dar listening?) top the list.
Below is a summary snapshot of Pakistan performance in GCI 2015-16 – in a chart and an infographic listing. Our best is market size and worst is infrastructure.
As things improve, we hope that 2016-17 GCR puts Pakistan in much better light.
Pakistan is listed among Stage 1 (Factor-Driven) economies.
There’s a long way to reach Stage 3 (Innovation-Driven) economies, which we need to reach anyway in the next 35 years to become the world’s top 18th economy by 2050 (Goldman Sachs forecast).
List of countries at each stage of development below:
According to GCI, no member of the South Asian Association for Regional Cooperation (SAARC) features in the top 50.
Here is a bit about Global Competitiveness Index framework – in a chart and an infographic, courtesy WEF.
GCI Index and three subindex:
The 12 pillars of GCI:
See also, some other indices:
Which country has the worst air pollution? | Hint: Pakistan
Pakistan: The brighter side:
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