Pakistan listed 110 out of 141 countries on Global Competitiveness Index

Pakistan listed 110 out of 141 countries on Global Competitiveness Index

Pakistan was ranked 110 among 141 countries on the World Economic Forum (WEF) Global Competitiveness Index (GCI) for 2019.

The average global score was 60.7.

Zahidi said that the U.S. had also fallen in the rankings because healthy life expectancy in the country was now lower than in China.

Taiwan stands out in the category of "innovation capability", emerging as the fourth most competitive in the world, following Germany, the USA, and Switzerland. India also ranked third in terms of market size and renewable energy regulation.

Singapore, on the other hand, replaced the United States as the world's most competitive economy.

Notable economies in the region are Hong Kong and Japan, which also feature in the top 10, and Vietnam, which saw its score rise the most globally.

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The United States fell to second place behind Singapore in the report, with the slippage linked in part to President Donald Trump's trade wars. "This year, it's at 67", said Saadia Zahidi, head of the WEF's Center for the New Economy and Society. But it is also improving at one of the fastest rates of any region apart from the Middle East and North Africa.

Indonesia, the largest economy in Southeast Asia, scored 65 out of 100 in the competitiveness performance, a 0.3 point drop from the previous year, primarily as a result of a stagnating performance in variables that include "enabling environment", "human capital", "markets" and "innovation ecosystem".

The WEF also said central banks must take some blame for weak productivity, as their trillions of stimulus keep zombie firms alive, sometimes crowding out stronger businesses.

Under markets, the country improved in all four indicators: product market, labor market, financial system and market size.

"While the predicted slowdown is unlikely to be almost as severe as the Great Recession of 2008-2009, policy-makers generally have fewer policy options today than they did back then to stimulate aggregate demand", WEF wrote in its annual Global Competitiveness Report, released on Wednesday.

"As monetary policies begin to run out of steam, it is crucial for economies to rely on fiscal policy and public incentives to boost research and development, enhance the skills base of the current and future workforce, develop new infrastructure and integrate new technologies, among other measures", it added.

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