Posted on September 29, 2016
Nigeria has been ranked as the 127th most competitive economy in the world out of 138, according to the just released World Economic Forum’s 2016-17 global competitiveness report, a drop of three spots from the 124th in 2015-2016.
The Global Competitiveness Report 2016-2017 assesses the competitiveness landscape of 138 economies, providing insight into the drivers of their productivity and prosperity.
This year’s edition highlights that declining openness is threatening growth and prosperity. It also highlights that monetary stimulus measures such as quantitative easing are not enough to sustain growth and must be accompanied by competitiveness reforms. Final key finding points to the fact that updated business practices and investment in innovation are now as important as infrastructure, skills and efficient markets.
Switzerland, Singapore and the United States remain the three world’s most competitive economies.
“Declining openness in the global economy is harming competitiveness and making it harder for leaders to drive sustainable, inclusive growth,” said Klaus Schwab, Founder and Executive Chairman, World Economic Forum.
The Report series remains the most comprehensive assessment of national competitiveness worldwide.
Below is the assessment tool that was used to generate the ranking. Nigeria may need to further review and up our game for future: