The World Economic Forum in its Global competitiveness report 2018, has redefined combativeness 4.0. The new index provides guidelines for countries to gear up for the fourth industrial revolution.
The report indicates that Pakistan has been ranked at 107 on the new index, however on back casting and compared to 2017; Pakistan has improved 9 points and is ranked 106 this year, as compared to 115 last year.
While presenting the report to Honorable Justice Mr. Javed Iqbal, Chairman National Accountability Bureau (NAB), Amir Jahangir, CEO, Mishal Pakistan the Country Partner Institute of the Future of Economic Progress System Initiative, World Economic Forum congratulated NAB on embracing the tools and methods to improve Pakistan’s competitiveness. The Report indicates that the global ranking for incidents on corruption for Pakistan has been reduced to 99 in 2018 as compared to 102 in last year.
This change reflects NAB’s proactive approach in reaching out to the citizens to create awareness about the ill effects of corruption. The NAB’s activities have been proven to be more transparent and very efficient across the board. The recent developments by NAB have increased public’s trust in institutions and hope for a more transparent nation.
The Global Competitiveness Index 4.0 methodology has been built on four decades of experience in benchmarking competitiveness, the World Economic Forum’s Global Competitiveness Index 4.0 is a new composite indicator that assesses the set of factors that determine an economy’s level of productivity-widely considered as the most important determinant of long-term growth. The GCI 4.0 framework is built around 12 main drivers of productivity. These pillars are: Institutions, Infrastructure; Technological readiness; Macroeconomic context; Health; Education and skills; Product market; Labor market; Financial system; Market size; Business dynamism; and Innovation. They comprise 98 individual indicators.
Centre for the New Economy and Society The Report is part of the World Economic Forum’s Centre for the New Economy and Society, which aims to build dynamic and inclusive economies in an era of accelerated technological and political change, providing leaders with a platform to understand and anticipate emerging economic and social trends and to adapt policies and practices to our rapidly evolving context. A significant portion of the Centre’s work focuses on shaping frameworks for fostering growth and inclusion, including an accelerator for industrial policy and competitiveness in the Fourth Industrial Revolution. The Centre is also supporting developed and emerging economies in setting up public-private collaborations to close skills gaps and prepare for the future of work as part of its human capital agenda. Finally, the Centre acts as a test bed for exploring the emerging contours of the new economy, including rethinking economic value, investment strategies for job creation, new principles for the gig economy and new safety nets.
The Global Competitiveness Report’s new methodology also offers insights into economies’ readiness for the future, social capital, endowment of disruptive businesses and debt concerns, among other indicators.
Published in Daily Times, October 24th 2018.
