Sri Lanka Becomes The 2nd Most Competitive Economy In South Asian Region

September 28, 2017

Switzerland is on the top of the World Economic Forum's global competitiveness index. On the list of 137 economies, Switzerland is followed by the US and Singapore in second and third places, respectively. Other countries in the top 10 are the Netherlands (4th rank), Germany (5), Hong Kong SAR (6), Sweden (7), United Kingdom (8), Japan (9) and Finland (10). In the latest Global Competitiveness Report released today, China is ranked at 27th while neighbouring India has been ranked as the 40th most competitive economy. In South Asia, India has garnered the highest ranking, followed by , Sri Lanka and Bhutan (Both 85th rank), Nepal (88), Bangladesh (99) and Pakistan (115).

"Improving ICT infrastructure and use remain among the biggest challenges for the region: in the past decade, technological readiness stagnated the most in South Asia. The Global Competitiveness Index is prepared on the basis of country-level data covering 12 categories or 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 are the 12 pillars.

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