The World Economic Forum (WEF), on Wednesday released its Global Competitiveness Index for 2017/2018, showing that Nigeria moved two spots up to rank 125th, even as its score has fallen every year since 2012.
The latest Global Competitiveness Report (GCR) looked at the competitiveness of 137 economies by their ability to sustain inclusive growth, defined as growth that delivers positive change and benefits citizens and the environment.
The report, however, noted that the country’s macroeconomic conditions worsened, having gone 12 step-downward to 122nd position while inflation remained high at 15.7 per cent. On this front, the country is ranked 131st. The report also put Nigeria’s budget deficit at 4.4 per cent and ranked the country 99th in this regard.
From the WEF ranking, Nigeria has only fared a little better than a few sub-Saharan African countries like Democratic Republic of Congo (126th), Burundi (129th), Sierra Leone (130th), Chad (135th) and Liberia (134th), while several other sub-Saharan African countries like Cameroon (116th), Ghana (111th), Gambia (117th), and Uganda (114th) are better off than Nigeria.
Mauritius and Rwanda at 45th and 58th positions respectively, are ranked higher than South Africa (61st).
Switzerland maintains its number one spot as the most competitive economy in the world. The 10 most competitive world’s economies are Switzerland, US, Singapore, the Netherlands, Germany, Hong Kong, Sweden, the UK, Japan and Finland.
China and Russia are ranked 27th and 38th respectively.
WEF said this year’s report came out in the context of recovering global growth but that many countries were still facing challenges such as disruptive inequalities; rising protectionism and a backlash against globalisation; and the challenges and uncertainties of the Fourth Industrial Revolution, with its innovation and technological change.