Mongolia looses 14 places in global competitiveness ranking

The World Economic Forum (WEF), a Geneva based non-profit international organization released its annual Global Competitiveness Report for 2013-2014.

The Global Competitiveness Report assesses the economic competitiveness of 148 countries across the world considering 12 pillars of competitiveness on infrastructure development, macroeconomics and the environment, labor and financial market development and business environment.

According to the Global Competitiveness Report Mongolia ranked 107th place out of 148 countries falling back 14 places compared to previous years.

Klaus Martin Schwab, the founder and executive chairman of the World Economic Forum noted that Mongolia falls to 107th position this year, almost entirely the result of a significant deterioration of its macroeconomic environment (130th) as captured by data from the IMF. In 2012, Mongolia’s budget deficit doubled to 7 percent of GDP, inflation surged to 15 percent, the gross savings rate plummeted to 28 percent of GDP, and public debt increased slightly. The country’s performance in most other dimensions of the Index remains stable, suggesting that a great deal remains to be done for Mongolia to live up to its significant economic potential. In order to create opportunities for its citizens and build up the confidence of businesses and investors, the country must urgently upgrade its institutional framework (113th), develop its transport and energy infrastructure (113th), improve the functioning and efficiency of its goods markets (96th), establish clear rules for foreign investment, and develop its fledgling financial sector (129th) on the Global Competitiveness Report.

According to the Global Competitiveness Report 2013-2014, the top 10 countries are Switzerland, Singapore, Finland, Germany, USA, Swiss, Hong Kong, the Netherlands, Japan and the United Kingdom.

SOURCE OF THIS ARTICLE : News.mn

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