Egypt moves up one place to 93rd in WEF global competitiveness index
Egypt improved by one place to 93rd 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 82nd in institutions component, four places to 52nd in infrastructure, and four places to 126th in the labour market.
It also moved up 21 places to rank 100th in product market, seven places to 92nd in financial system, two places to 95th in business dynamism, three places to 61st in innovation capability, and one place to 23rd in market size.
The North African country dropped six places to rank 106th in ICT (information and communication technology and five places to 104th in health. The ranking remained the same for macro-economic stability and skills, ranking 135th and 99th respectively.
The North African country ranked 106th in IoT adoption, 135th in macro-economic stability, 104th in health, 99th in skills, 100th in product market, 92nd in financial system, 23rd in market size, 95th in business dynamism, 61st in innovation capability.