Uganda and Tanzania are among four countries in Africa that have
improved their performance for five consecutive years since 2010, the
World Economic Forum said in its Global Competitiveness Report
2017-2018.
The two countries have for the past seven
years steadily improved in their institutions, infrastructure,
macroeconomic environment, health and primary education, which are
considered key elements in factor-driven economies. The other two
countries are Ethiopia and Senegal.
Of the 137
countries in the Global Competitiveness Index (GCI), Rwanda ranks high
in the region at 58th position globally followed by Kenya at 91,
Tanzania at 113, Uganda at 114 while Burundi brings up the rear at
position 129.
Kenya is among the most improved
countries in Africa year-on-year, going up five places thanks to the
slight improvement in the efficiency of goods, labour and financial
markets.
Rwanda dropped six places since the last
edition but remains among the most competitive African countries, thanks
to efficient goods and labour markets and a stable political situation
that supports robust GDP growth above six per cent for the next few
years.
Challenges for economic progress
The
report points to three main challenges and lessons that are relevant
for economic progress, public-private collaboration and policy action.
First
the financial vulnerabilities pose a threat to competitiveness and to
economies’ ability to finance innovation and technological adoption.
Then the emerging economies are becoming better at innovation but more
can be done to spread the benefits.
Lastly, labour market flexibility and worker protection are needed for competitiveness and shared prosperity.
The
report has surfaced at a time when the world is confronted with sharply
increasing challenges of political and economic uncertainty even though
many leading global economies continue to perform well and emerging
markets are still catching up
According to the report,
on average, sub-Saharan Africa’s competitiveness has not changed
significantly over the past decade: while a little ground was gained
between 2011 and 2015, it has been partially lost again over the past
two years.
Mauritius is again the most competitive
country in Africa, at position 45 in the overall GCI, with its main
rivals falling back. South Africa drops 14 places to 61 and Rwanda drops
seven places to 58.
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