Nam drops on economic index

NAMIBIA continues to slip on the global economic competitiveness index – this year it is placed at number 84 compared to last year’s ranking of 79.

This is revealed in the World Economic Forum (WEF) Global Competitiveness Report for 2006 – 2007, which was released yesterday. The country’s position with a global competitiveness index score of 3,74 points is miles away from Africa’s best, which is Tunisia at number 30 with a score of 4,71.Tunisia is followed by the continent’s powerhouse, South Africa, ranked 45th, then Mauritius at 55, Egypt (63), Algeria (76), Botswana (81), Namibia (84) and Kenya at 94.Most of these countries have slipped from their better rankings of last year.Only Tunisia and Algeria managed to improve on their competitiveness rankings, while Mauritius remained stagnant at 55.The report indicated that in many of the resource-rich developing countries, the availability of public finance appeared not to have translated into improvements.It also revealed that in sub-Saharan Africa, South Africa did particularly well in a number of areas typically reserved for rich, innovation-driven economies.”Its economic sophistication is reflected in high ranks for property rights, private institutions, goods and financial market efficiency, business sophistication and innovation,” the report noted about South Africa.Claiming pole position in the global rankings is Switzerland with a score of 5,81, followed by Finland, Sweden, Denmark and Singapore at number five.The United States dropped from first place to sixth this year.”The top rankings of Switzerland and the Nordic countries show that good institutions and competent macroeconomic management, coupled with world-class educational attainment and a focus on technology and innovation, are a successful strategy for boosting competitiveness in an increasingly complex global economy,” said Augusto Lopez-Claros, Chief Economist and Director of the WEF’s Global Competitiveness Network.”Business activity in these countries benefits from a well-developed institutional framework, characterised by the rule of law, an efficient judicial system and high levels of transparency and accountability within public institutions.”Nineteen African countries made up the majority of the bottom positions below position 100, with Angola anchoring the list at number 125.Zimbabwe dropped nine places to number 119, Ethiopia was at 120, Mozambique at 121, Chad at 123 and Burundi was placed at 124.The survey of 125 economies was designed to capture a range of factors affecting an economy’s business climate that are important for economic growth.The WEF delivers a comprehensive yearly overview of the main strengths and weaknesses of countries, making it possible to identify key areas for policy formulation and reform.The country’s position with a global competitiveness index score of 3,74 points is miles away from Africa’s best, which is Tunisia at number 30 with a score of 4,71.Tunisia is followed by the continent’s powerhouse, South Africa, ranked 45th, then Mauritius at 55, Egypt (63), Algeria (76), Botswana (81), Namibia (84) and Kenya at 94.Most of these countries have slipped from their better rankings of last year.Only Tunisia and Algeria managed to improve on their competitiveness rankings, while Mauritius remained stagnant at 55.The report indicated that in many of the resource-rich developing countries, the availability of public finance appeared not to have translated into improvements.It also revealed that in sub-Saharan Africa, South Africa did particularly well in a number of areas typically reserved for rich, innovation-driven economies.”Its economic sophistication is reflected in high ranks for property rights, private institutions, goods and financial market efficiency, business sophistication and innovation,” the report noted about South Africa.Claiming pole position in the global rankings is Switzerland with a score of 5,81, followed by Finland, Sweden, Denmark and Singapore at number five.The United States dropped from first place to sixth this year.”The top rankings of Switzerland and the Nordic countries show that good institutions and competent macroeconomic management, coupled with world-class educational attainment and a focus on technology and innovation, are a successful strategy for boosting competitiveness in an increasingly complex global economy,” said Augusto Lopez-Claros, Chief Economist and Director of the WEF’s Global Competitiveness Network.”Business activity in these countries benefits from a well-developed institutional framework, characterised by the rule of law, an efficient judicial system and high levels of transparency and accountability within public institutions.”Nineteen African countries made up the majority of the bottom positions below position 100, with Angola anchoring the list at number 125.Zimbabwe dropped nine places to number 119, Ethiopia was at 120, Mozambique at 121, Chad at 123 and Burundi was placed at 124.The survey of 125 economies was designed to capture a range of factors affecting an economy’s business climate that are important for economic growth.The WEF delivers a comprehensive yearly overview of the main strengths and weaknesses of countries, making it possible to identify key areas for policy formulation and reform.