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Bangladesh ranks 106th in Global Competitiveness Index

  • Published at 12:38 am September 29th, 2016
  • Last updated at 12:38 am September 29th, 2016
Bangladesh ranks 106th in Global Competitiveness Index
In the previous year, the country held 107th position among 140 countries. Though Bangladesh scored 1.06% higher to 3.80 from 3.76, it lagged behind the ranking among the countries surveyed. Bangladesh’s position would have remain unchanged at 106th if the survey was conducted over 140 countries. The World Economic Forum popularly known as Davos Forum has been publishing the Global Competitiveness Report (GCR) since 1979. A total of 11 sectors including infrastructure, technology, financial environment, foreign trade and investment, business operations and innovation, security, governance, education and health, etc, were focused on to prepare the report. The Centre for Policy Dialogue explained that Bangladesh is lagging behind the global ranking as it still underperforms in basic requirements under sub-indexes. runner The Bangladesh think tank came up with the report at a press conference held in the capital yesterday. As a partner, CPD has been carrying out its role in Bangladesh part for the report. The survey was conducted from February 1 to May 1 this year. India has made remarkable improvement while Pakistan is the worst performer among the South Asian countries. India advanced to 39th position from 55th last year while Pakistan came 122th from 126th, according to the report. Top 10 countries topped the list this year as well, with Switzerland being 1st, Singapore 2nd and the United States occupying 3rd position. Corruption and inadequate supply of infrastructure were the top two problematic factors this year as in the last year. Corruption slightly improved to second position, scoring 16.5 from 18.7 score last year. Khondaker Golam Moazzem, additional research director of CPD, said corruption is still a major problem in Bangladesh, but the problematic factors have spread out to other topics. The country’s financial sector deteriorated this year as no indicators were found at least good this year, but in the last year, the survey found two good indicators. All indicators in this sector were found either bad or worse, according to the report. The cost of financial services impedes business actively rated 65%, which was 66% last year, all scoring bad. Limited access to financing has become a major problem placed 3rd this year from 5th last year. Moazzem said the country’s banking sector has plenty of money, but businessmen are more concerned about the cost of borrowing than the availability of fund. The entrepreneurs who were surveyed observed limited progress in infrastructure facilities during 2015 excepting power sector. Road transport infrastructure is underdeveloped rated as worse, which is 76% this year from 73% last year. Businessmen want developed transport system which will reduce their supply cost, said Moazzem. Governance is the weakest part of Bangladesh’s competitiveness as most of the indicators are still in either bad or worse category. “Bangladesh is moving towards competitiveness but at a very slower pace while other countries are moving very fast,” Moazzem commented. Mustafizur Rahman, executive director of CPD, suggested that Bangladesh needs focus more on productivity and skill development to increase competitive ability. The GCR report will signal to the policy makers what they should concentrate on, he added.
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