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Bangldesh jumps up two pegs in the wef global competitiveness report 2015-2016

IBT Report

Dr. Khondaker Golam Moazzem, Additional Director, Research of Center for Policy Dialogue (CPD), which is the local partner of the survey said to the ICE Business times that as part of that survey they sent questionnaires to 300 companies in Bangladesh, mainly large and medium sized including some multinational companies, of which 56 companies responded. According to him, Bangladesh’s upward ranking in some main indicators like Infrastructure, Macro economic sector, Primary education, Institution and good governance is noteworthy, though in the last two the progress has been really sluggish. Apart from this there were some country which did not participated due to war and other reason, that gave Bangladesh some advantages to rank higher in some indicators. The efficiency indicators are like Financial sector, Market efficiency, Market size, Technological
readiness, Human resources, etc .
Detailing his finding he said that in previous years, businessmen’s demand have changed over the years. Now they are more aware about efficiency issues apart from their basic demand for better supply in sectors like infrastructure and energy supply. Since the ever rising cost of production is making the competition stiffer than ever, the entrepreneurs are much aware about the importance of attaining a better productivity. They also urged on various facilities in relation to market, financing, tax rate and skill building and human resources development.

The Global Competitiveness Report (GCR) is a yearly report published by the World Economic Forum. Since 2004, the Global Competitiveness Report has ranked countries based on the Global Competitiveness Index developed by Xavier Sala-i-Martin and Elsa V. Artadi. Before that, the macroeconomic ranks were based on Jeffrey Sachs’s Growth Development Index and the microeconomic ranks were based on Michael Porter’s Business Competitiveness Index. The Global Competitiveness Index integrates the macroeconomic and the micro/business aspects of competitiveness into a single index.
The report assesses a country’s ability to provide high levels of prosperity to its citizens. This in turn depends on how productively its resources are being utilized. Therefore, the Global Competitiveness Index is designed to measure the set of institutions, policies, and factors that can lead an economy to prosperity. As a nation develops, wages tend to be on the rise, and in order to sustain this labor productivity must improve for the nation to be competitive. Also, what creates productivity in Switzerland is not necessarily the same for what drives it in India. Thus, the GCI separates countries into three specific stages: factor-driven, efficiency-driven, and innovation-driven, each implying a growing degree of complexity in the operation of the economy.
In the 2015-2016 report, an in-depth overview of the competitiveness performance of 140 economies is provided, and thus the GCI continues to be the most comprehensive assessment of its kind globally. It contains a detailed profile for each of the economies included in the study, as well as an extensive section of data tables with global rankings covering over 100 indicators.
In the report Switzerland came in at no. 1, followed by Singapore. The other economies in the list of top 10 are the USA (3rd), Germany (4th), Netharlands (5th), Japan (6th), Hong Kong (7th), Finland (8th), Sweden (9th) and United Kingdom (10th). In South Asia, India jumped up 17 places to 55th, while Sri Lanka moved up five notches to 68th, Pakistan advanced three steps to the 126th and Nepal gained two steps to 100th.
Bangladesh which is still classified in the “factor driven” stage of development moved up two notches indicating progress in the country’s economic efficiency and sophistication. It ranked 107 this year (out of 140 countries) from last year’s position of 109 (among 144 countries) in the report with a score of 3.76.
Bangladesh improved significantly in terms of indicators regarding microeconomic stability (49th position in 2015, up from 72nd position in 2014), infrastructure (123rd position from 127th) and market size (stands at 40th position from 44th). However, deteriorations were observed in a few indicators, including institutions (stands at 132nd position from 131st), financial market sophistication (90th from 88th), goods market efficiency (101st position from 84th), the report showed.

Bangladesh’s position

Key indicators, 2014
GDP (PPP) per capita (intíl $), 1990ñ2014

Graph-01
Population (millions) ………………………………..158.2
GDP (US$ billions) ………………………………….185.4
GDP per capita (US$) ……………………………..1,172
GDP (PPP) as share (%) of world total …………0.50

 

The most problematic factors for doing business

Graph-04

Corruption ………………………………………………………………. 18.7
Inadequate supply of infrastructure ……………………………… 18.3
Government instability/coups …………………………………….. 12.7
Inefficient government bureaucracy …………………………….. 11.8
Access to financing ……………………………………………………. 9.7
Policy instability …………………………………………………………. 4.7
Inadequately educated workforce …………………………………. 3.9
Tax rates …………………………………………………………………… 3.7
Complexity of tax regulations ……………………………………….. 3.1
Crime and theft …………………………………………………………. 2.9
Foreign currency regulations ………………………………………… 2.7
Inflation …………………………………………………………………….. 2.6
Poor work ethic in labor force ………………………………………. 2.6
Insufficient capacity to innovate ……………………………………. 1.0
Restrictive labor regulations …………………………………………. 1.0
Poor public health ……………………………………………………… 0.5

*From the list of factors, respondents were asked to select the five most problematic for doing business in their country and to rank them between 1 (most problematic) and 5. The score corresponds to the responses weighted according to their rankings.

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