Bangladesh moves up by two places in Global Competitiveness Index

The World Economic Forum (WEF) has upgraded Bangladesh’s status in the Global Competitiveness Index by two places.

Staff Correspondentbdnews24.com
Published : 30 Sept 2015, 03:11 PM
Updated : 30 Sept 2015, 03:11 PM

Bangladesh now ranks 107 in the list of 140 countries.

The forum published The Global Competitiveness Report 2015-16 across the world on Wednesday.

Centre for Policy Dialogue (CPD) published the report in Bangladesh on behalf of the forum.

The WEF, known as the Davos Forum, has been making the report since 2011. CPD is its partner in Bangladesh.

To make the report this year, it conducted a survey from February 10 to May 1. In Bangladesh, 56 businessmen, whose firms are linked to global trade, took part in the survey.

CPD Additional Director Khondaker Golam Moazzem said Bangladesh made the progress in the index for developing infrastructure, micro economy, good governance and market efficiency.

The forum recommended more attention to develop financial market, good governance and technological readiness.

“Otherwise the concern over achieving the power to transfer from lower-middle income country to middle income country will remain,” Moazzem said.

Referring to the businessmen, the report said the biggest obstacles for trade in Bangladesh were poor infrastructure, corruption and lack of government’s administrative skill.

Of the businessmen, 62 per cent expressed concerns over political instability. They said they thought the investment in private sector would drop in 2015.

They also pointed out lack of financial support, high tax rate, shortage of educated manpower, complex tax policy, and crime as the obstacles in trade in Bangladesh.

Switzerland topped the list of the countries based on competitiveness.

In South Asia, India ranks 55, Sri Lanka 68, Nepal 100, Bhutan 105 and Pakistan 126. All the countries in the region, except Bhutan, made progress in the index.

CPD also published another report on business environment.

It found improvement in power supply but not in infrastructure.

The report said ICT sector saw development but was still in planning stage.

Most of the businessmen who were surveyed said cost of financial service rose, while the banks were doing worse.

They, however, felt the police were providing better service to improve security in Bangladesh.

CPD also observed that Bangladesh needed to do more in good governance by reducing bribery, and making government organisations and Parliament more effective.

Fifty-four per cent of the businessmen thought the media were enjoying less freedom, making it hard to tackle the challenges of good governance.