Lanka Newspapers

Sri Lanka News Updates with Discussions

Lanka NewspapersRoshan2007's Home PageThis Page




Sharper slip in Sri Lanka s rank in global competitiveness

Thursday, 6 September 2012 - 3:14 PM SL Time

As opposed to a 10-place jump in the previous year, Sri Lanka has suffered a 16-place relegation in the latest Global Competitiveness Rankings list released by the influential World Economic Forum (WEF) yesterday.

Sri Lanka`s rank of 68th place out of 144 countries surveyed from 52nd place in the previous year was despite the overall score changing marginally to 4.2 points from 4.3. WEF assess a country`s competitiveness using 12 broad pillars institutions, infrastructure, macro-economic 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. Sri Lanka suffered dip in seven of the 12 pillars.

In the 2010/11 rankings Sri Lanka was placed at 62 and the jump last year to 52nd place was showcased by the Government as an endorsement as well as reflective of its sound macro-economic management, development and policies.

As per the WEF`s analysis, it is the deterioration in the macro-economic environment that had led to the downgrade in the latest ranking. On macro-economic environment, Sri Lanka`s rank was 127, down from 116 last year. The other notable decline was in labour market efficiency, with Sri Lanka placed at 129 in latest ranking as opposed to 117 in the previous year.

Under macro-economic environment issues factored in are government budget balance, gross national savings, inflation, interest rate spread, government debt and country credit rating. Under labour market efficiency factors considered are cooperation in labour-employee relations, flexibility of wage determination, rigidity of employment index, hiring and firing practices, redundancy costs, pay and productivity, reliance on professional management, brain drain and women in labour force.

As per WEF`s latest rankings, Switzerland was placed as the world`s most competitive economy for the fourth year running, while the United States continued a four-year slide down the table.
The study by the WEF, best known for running the annual meeting of world business leaders at the ski resort of Davos, ranks 144 countries by examining 113 indicators culled from official data sources and a poll of 15,000 executives who opine on the country where they do business.

Singapore remains in second position and Finland in third position, overtaking Sweden (4th). These and other Northern and Western European countries dominate the top 10 with the Netherlands (5th), Germany (6th) and United Kingdom (8th). The United States (7th), Hong Kong (9th) and Japan (10th) complete the ranking of the top 10 most competitive economies.

Behind Singapore, several Asian economies are performing strongly, with Hong Kong SAR (9th), Japan (10th), Taiwan, China (13th) and the Republic of Korea (19th) all in the top 20. Vietnam ranks 75th this year and switches positions with the Philippines.

In the Middle East and North Africa, Qatar (11th) leads the region while Saudi Arabia remains among the top 20 (18th). The United Arab Emirates (24th) improves its performance while Kuwait (37th) slightly declines. Morocco (70th) and Jordan (63rd) improve slightly. In sub-Saharan Africa, South Africa (52nd) and Mauritius (54th) feature in the top half of the rankings. However, most countries in the region continue to require efforts across the board to improve their competitiveness.

Persisting divides in competitiveness across regions and within regions, particularly in Europe, are at the origin of the turbulence we are experiencing today, and this is jeopardising our future prosperity, said Klaus Schwab, Founder and Executive Chairman, World Economic Forum. We urge governments to act decisively by adopting long-term measures to enhance competitiveness and return the world to a sustainable growth path.

Xavier Sala-i-Martin, Professor of Economics, Columbia University, USA, said: The Global Competitiveness Index provides a window on the long-term trends that are shaping the competitiveness of the world`s economies. In this light, we believe it offers useful insight into the key areas where countries must act if they are to optimise the productivity that will determine their economic future.

Source(s)
ft.lk

 Post a reply to this

 E-mail this to a friend




Roshan2007
Senior Member

Joined: Dec 2006
Posts: 17769
Member Profile
LK Information  6 Sep 2012 08:17:22 GMT  Report for Abuse  
Mihin Lanka takes over Sri Lankan s route from Colombo to Bahrain

Mihin Lanka, the government-owned Sri Lankan LCC, launched five-weekly services connecting Colombo (CMB) and Bahrain (BAH) on 2 September. The move comes as a result of restructuring effort at also state-owned Sri Lankan Airlines, which withdrew from the route after 40 years operation. However, a code-share agreement has been put in place. Mihin Lanka will operate the 3,750-kilometre route using A321s in all-economy seating. Bahrain s own airline, Gulf Air, already serves the market with ten weekly flights.


Sacrificing Sri Lankan airlines for Mihin air. !
elephanthouse
Senior Member

Joined: Sep 2006
Posts: 11587
Member Profile
LK Information  6 Sep 2012 08:29:43 GMT  Report for Abuse  
Although we always have to be careful about statistics, it's good to see that Switzerland got the gold medal again.

With practically no natural resources and approx. 1/3 of the country covered by mountains, we should be one of the poorest nation in Europe. It is therefore a vital obligation for this country to remain competitive and our low unemployment rate of 2.7% is the best reference to demonstrate this.
elephanthouse
Senior Member

Joined: Sep 2006
Posts: 11587
Member Profile
LK Information  6 Sep 2012 08:45:12 GMT  Report for Abuse  
Roshan
Re: Mihin Air
I think the crazy guy who has decided this has never taken a basic course in Marketing nor has he the slightest idea about what a brand name is.
When are they going to understand that Sri Lanka simply cannot afford to have 2 international airlines?
Do we need to be 144th in the global competitiveness next time before somebody starts to react in Colombo?
Dubai101
Joined: Apr 2012
Posts: 479
Member Profile
LK Information  6 Sep 2012 10:23:02 GMT  Report for Abuse  
Under macro-economic environment issues factored in are government budget balance, gross national savings, inflation, interest rate spread, government debt and country credit rating.


how can any of this will improve. government plan is always aimed at voting base and do any thing to stay in power. they do not have a vision for the economy just floating on the surface by fooling the masses.
Roshan2007
Senior Member

Joined: Dec 2006
Posts: 17769
Member Profile
LK Information  6 Sep 2012 11:07:49 GMT  Report for Abuse  
EH, It is amazing how Swis maintain top position with so much limitations. Then it is incredibale how Singapore hold 2nd position being an Asian country.
Roshan2007
Senior Member

Joined: Dec 2006
Posts: 17769
Member Profile
LK Information  6 Sep 2012 11:10:39 GMT  Report for Abuse  
how can any of this will improve. government plan is always aimed at voting base and do any thing to stay in power

further when gov ally with Iran and take anti-west stance the business climate always move on reverse side.

Further the recent confrontations with India make things even worse.
Roshan2007
Senior Member

Joined: Dec 2006
Posts: 17769
Member Profile
LK Information  6 Sep 2012 11:12:03 GMT  Report for Abuse  
EH,
Re: Mihin Air
I think the crazy guy who has decided this has never taken a basic course in Marketing nor has he the slightest idea about what a brand name is.


If I am not mistaken it is the brainchild of the big boss.
Roshan2007
Senior Member

Joined: Dec 2006
Posts: 17769
Member Profile
LK Information  6 Sep 2012 11:31:04 GMT  Report for Abuse  
Sharper slip in Sri Lanka s rank in global competitiveness

One thing is very apparent.

All the patriots who took the credit and adviced for SL economy pickup during post war period had dumped SL nowadays.

Cannot see any of them in here nowadays. Come deshapremis do something to get the country back on track.
Talk to your uncles in government and get them to do the right things.
Dewey
Senior Member

Joined: Aug 2005
Posts: 11381
Member Profile
LK Information  6 Sep 2012 11:55:44 GMT  Report for Abuse  
Where is Kenada?
bakamoona
Senior Member

Joined: Aug 2007
Posts: 28261
Member Profile
LK Information  6 Sep 2012 12:23:51 GMT  Report for Abuse  
Hi Roshan

..Come deshapremis do something to get the country back on track.
Talk to your uncles in government and get them to do the right things...


While they're talking to their uncles in the Government , why dont YOU talk to your uncles in the Opposition and get things sorted out and offer a credible alternative?

:)
Page | 1  | 2  |  >Next
 Post a reply to this      E-mail this to a friend

(C) 2000-2008 www.lankanewspapers.com - Sri Lankan News & Discussions - Contact Us - RSS Feed - News Archives - src - FAQ