The Competitiveness Index looked at 98 indicators across 140 countries to determine the overall ranking on countries.
Nigeria with a score of 47.6 out of a hundred, have moved up 10 places on the Global Competitiveness Index. It moved from 125 positions to 115th on this year’s ranking, according to the Report of the World Economic Forum (WEF) released today.
The WEF annual report analyzed how 140 countries performed across 98 indicators to measure the national competitiveness of each country’s economy. These findings were then weighed against the ideal state of global competitiveness using productivity levels as a measuring stick.
This year, the 98 indicators were organized into 12 chunks, called pillars which include: health, skills, financial system, infrastructure, institutions, ICT adoption, macroeconomic stability, product market, labour market, market size, business dynamism, and innovation capacity.
ICT Adoption 26
Macroeconomic stability 56
Product Market 52
Labour Market 59
Financial System 44
Market size 71
Business Dynamism 55
Innovative Capacity 31
The WEF, this year used a new methodology to fully capture the new emerging dynamics of what fuels the global economy, which means including some other indicators that were not included before, such as diversity, workers’ rights, re-skilling, and press freedom.
The new index sheds light on an emerging set of drivers of productivity and long-term growth in the era of the Fourth Industrial Revolution. It provides a much-needed compass for policy-makers and other stakeholders to help shape economic strategies and monitor progress.