Egypt moves one step ahead in global competitiveness rankings

Egypt moved from 116th to 115th in the World Economic Forum’s Global competitiveness report, published at the end of September 2016.

According to the authors of the report:

“To create growth and employment, Egypt could build on its large market size (25th); its business sector, which by some accounts appears more sophisticated than those of neighboring countries (85th); and its geographical proximity to the large European market. To do so, Egypt needs to step up its reform efforts and address the major rigidities that plague its goods, labor, and financial markets, on which the country ranks 112th, 135th, and 111th, respectively. Other priorities include higher education and training (112th)…Other priorities include higher education and training (112th), which is below the performance of peer economies, particularly in terms of quality (134th); as well as the overall security situation (133rd), which remains fragile and imposes significant cost for business. Support for reform efforts comes from the recent drop in oil prices that could open up the fiscal space to consolidate the public budget by reducing energy subsidies, which make up a significant part of the public spending.”

“Declining openness in the global economy is harming competitiveness and making it harder for leaders to drive sustainable, inclusive growth,” said Klaus Schwab, Founder and Executive Chairman, World Economic Forum.