Bahrain among top 50 in global competitiveness index

MANAMA: Bahrain is among the top-50 in a global ranking of 140 countries that measures competitiveness.

The country has notched up a score of 63.6, taking the 50th rank, in the World Economic Forum’s new Global Competitiveness Index (GCI) 4.0, which is the database for the Global Competitiveness Report 2018.

World Economic Forum founder and executive chairman Klaus Schwab said in the preface to the report that there are a total of 98 indicators in the index, derived from a combination of data from international organisations as well as from the World Economic Forum’s Executive Opinion Survey.

These are organised into 12 pillars in the GCI 4.0, reflecting the extent and complexity of the drivers of productivity and the competitiveness ecosystem.

These are: Institutions; Infrastructure; ICT adoption; Macroeconomic stability; Health; Skills; Product market; Labour market; Financial system; Market size; Business dynamism; and Innovation capability.

Bahrain appears in the top quarter of the rankings in the sub-pillars of Skills (28th), Product market (28th), Infrastructure (30th) and Financial system (33rd).

The country has fared well in four other sub-pillars appearing in the top half of the rankings in ICT adoption (38th), Institutions (42nd), Labour market (46th) and Business dynamism (54th).

Serving as an economic compass, the new index integrates the notion of the Fourth Industrial Revolution (4IR) into the definition of competitiveness.

It emphasises the role of human capital, innovation, resilience and agility, as not only drivers but also defining features of economic success in the 4IR.

The index calls for better use of technology for economic leapfrogging – but also cautions that this is only possible as part of a holistic approach with other factors of competitiveness.

Meanwhile, the Economic Development Board (EDB), a semi-autonomus investment promotion agency, has lauded Bahrain’s top rank among Gulf and Arab countries in a new index that measures a nation’s investment in education and healthcare.

EDB chief executive Khalid Al Rumaihi said, “The World Bank’s Human Capital Index is yet another testament of Bahrain’s high performance in key measures of economic and social sustainability.

“In the past few years, Bahrain witnessed major developments in the health and education sectors, where today the UNDP’s Human Development Index ranks Bahrain in the very high human development category, with our ranking improving 13.4 per cent between 1990 and 2017.

“Bahrain recognises that improving the skills, health and knowledge of the country’s population is crucial to the future development of our kingdom, and it is particularly pleasing to see our efforts reflected in this index.”

Also, Wamda Capital, a leading regional venture capital firm, has welcomed the four new laws set to be implemented in Bahrain in the coming months.

The reforms, which include a personal data protection law, bankruptcy law, competition law and healthcare insurance law, aim to enhance the country’s investment ecosystem.

Wamda Capital partner Walid Faza says the new laws will also provide a welcome boost to entrepreneurs in the country.

“We’re always impressed by the variety of different start-ups and companies that we see in Bahrain. The country has the ability to attract start-ups from around the globe thanks to its great events, entrepreneurial initiatives, friendly business environment and its proximity to Saudi Arabia.

“The new legislative reforms represent a major milestone that shows the determination of the Bahrain government to attract greater levels of investment by creating favourable, sound and sustainable business conditions. For entrepreneurs, being able to mitigate the risk of having to file for bankruptcy means they can innovate without the fear of failure.

“Increased foreign investment will also bring in more experience, information and technical know-how that will enrich and positively impact the local start-up scene. This will also provide wider opportunities for start-ups to grow, and collaborate with key players in the ecosystem.”

Source: http://www.gdnonline.com/Details/426547

 

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