On Wednesday, October 17, 2018, the World Economic Forum (WEF) published its 2018 edition of the most competitive economies around the world. In this ranking, the most competitive African economies also appear.
As for the world ranking, it is the United States of America that dominates it. However, it can be seen in this ranking that African countries occupy the bottom of the table.
Recall that the Global Competitiveness Index covering 140 countries measures the national competitiveness of economies, defined as the set of institutions, policies and factors that determine the level of productivity.
It is based on 12 indicators. These include institutions, infrastructure, adoption of information and communication technologies, macroeconomic stability, health, skills, the production market, the labor market, financial systems, market size, commercial dynamism and the ability to innovate.
The global average is 60 (showing that no country in the world is 100% competitive) and the competitiveness index in sub-Saharan Africa is 45.2 out of 100. Apart from being classified as the last region of the world rankings, this score indicates that sub-Saharan Africa does not even reach the minimum threshold of half of the maximum score, ie 50 out of 100.
A regional performance that has implications for the national performance of African economies. According to the statistics presented, 18 out of the 21 countries have a score below 50. These are countries that come from sub-Saharan Africa. 17 of the 34 Sub-Saharan African economies surveyed in the report are among the bottom 20. No African country is in the top 10 most successful economies in the world.
Only two countries (Mauritius, South Africa) have a competitiveness index higher than the world average (with respectively 63.7 and 60.8), while Chad occupies the bottom of the continental and global table (140th out of 140 countries) with an index of 35.5
African ranking of the most competitive economies
|Rank (Africa)||Country||Score||World rank)|