Egypt moves up one place to 93rd in WEF global competitiveness index

Egypt improved by one place to 93^rd in the World Economic Forum’s 2019 Global Competitiveness Index (GCI).

Launched in 2004, GCI comprises 12 pillars of competitiveness: institutions, infrastructure, macroeconomic environment, health and primary education, higher education and training, goods market efficiency, labour market efficiency, financial market development, technological readiness, market size, business sophistication, and innovation.

“The Global Competitiveness Report 2019 reveals an average across the 141 economies covered of 61 points. This is almost 40 points short of the “frontier”. It is a global competitiveness gap that is particularly concerning, given the world economy faces the prospect of a downturn.” according to the Global Competitiveness Report for 2019 issued by the WEF on Wednesday.

The country recorded an index score of 54.5, the report said.

Egypt climbed 20 places to rank 82^nd in institutions component, four places to 52^nd in infrastructure, and four places to 126^th in the labour market.

It also moved up 21 places to rank 100^th in product market, seven places to 92^nd in financial system, two places to 95^th in business dynamism, three places to 61^st in innovation capability, and one place to 23^rd in market size.

The North African country dropped six places to rank 106^th in ICT (information and communication technology and five places to 104^th in health. The ranking remained the same for macro-economic stability and skills, ranking 135^th and 99^th respectively.

The North African country ranked 106^th in IoT adoption, 135^th in macro-economic stability, 104^th in health, 99^th in skills, 100^th in product market, 92^nd in financial system, 23^rd in market size, 95^th in business dynamism, 61^st in innovation capability.