News: Pakistan ranked 124th among 144 economies
Date: September 6, 2012
Web Address: – http://www.allvoices.com/contributed-news/12914953-pakistan-economy-ranked-at-124-among-144-countries
Pakistan economy ranked at 124 among 144 countries
By Erfan khan
Pakistan capital showing mixed signs of its economy
ISLAMABAD, Sept 5: Pakistan is placed at 124th place among the 144 economies in the globe, says the Global Competitiveness Report 2012-2013 of the World Economic Forum.
The World Economic Forum ranked countries on more than 100 economic indicators comparing 144 countries. The scourge of corruption and poor governance are counted as some of the major factors impacting Pakistan’s economic growth.
According to report, Pakistan’s secured ranking on 12 pillars: institutions (115), infrastructure (116), macroeconomic environment (139), Health and Primary Education (117) Higher Education and Training (124), Goods Market Efficiency (97), Labor Market Efficiency (130) Financial Market Development (73), Technological Readiness (118), Market Size (30), Business Sophistication (78) and Innovation (77).
The Pakistani business community has identified corruption as the most problematic factor. The report indicates that Pakistan also failed to effectively place regulations on intellectual property issue, sliding its position of 93 to 108 from 2011 to 2012 respectively. Poor governance in terms of favoritism in decision-making (129) and wastefulness of government spending (96) have also shown significant decline in rankings.
The law and order situation is also regarded as serious threat to the economic horizons, with ongoing war on terror and other threats looming largely on dismal economy. The government’s performance on macroeconomic was regarded weak with the budget balance ranking (% of GDP) deteriorating from 108 to 125 from 2011 to 2012 respectively. The general government debt has also seen poor performance as it has lost 11 points from last year, by being ranked at 107 in the current year.
Pakistan has also shown some positive indicators on improving its competitiveness, as the transparency of government policy making had been improved from ranking of 119 to 109 while the credit rating index also improved from 123 this year to 116 compared to last year.
Erfan khan is based in Islamabad, Federal Capital Area, Pakistan, and is a Reporter for Allvoices.