Iran ranks 83 among 144 countries in global competitiveness index

Photo: Iran ranks 83 among 144 countries in global competitiveness index / Iran

Baku, Azerbaijan, Sept. 3

By Umid Niayesh - Trend:

Iran ranked 83 among 144 countries in the Global Competitiveness Index (GCI) 2014-2015, losing one place in comparison to last year's assessment, World Economic Forum (WEF) said in its latest annual report released Sept. 3.

The Islamic Republic ranked 82 out of 148 countries in GCI 2013-2014, meanwhile the country stood at 66th place among 144 countries in 2012-2013 rankings.

Each year the WEF, best known for its annual Davos economic meeting, benchmarks countries against 12 factors, including infrastructure, education and training, labor market efficiency, technological readiness and innovation.

The WEF's Global Competitiveness Report is the most influential ranking of a country's economic competitiveness and it affects countries' image in the world among business, governments and financial leaders.

Iran achieved an overall score of 4 in a scale of 1-7, with 7 as best. Of the 12 pillars or criteria for ranking, the Islamic Republic scored the highest in health and primary education (6) and market size (5.1). The country scored the lowest in labor market efficiency (3), financial market development (3) and technological readiness (3).

The report said that Iran's economy is expected to stabilize after two difficult years, mainly driven by external developments. This steadier economic context provides an important opportunity for the country to enhance its competitiveness potential.

Iran has to build on its solid macroeconomic positioning, its large market size, and its fairly well educated population. Improvements to its institutional framework and measures to heighten the efficiency of its goods, labor and financial markets would benefit the country's competitiveness and provide an important boost to the country's economic growth in the shorter as well as longer terms, according to the report.

The report findings show that Switzerland again topped the overall rankings in the Global Competitiveness Report for the fifth consecutive year, while Singapore remained in second position, followed by the U.S., Finland, Germany, Japan, Hong Kong, Netherlands, United Kingdom and Sweden.

Meanwhile Guinea, Chad, Yemen, Mauritania and Angola were placed at the bottom of the list.

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