3 September 2014

East Africa: Rwanda Still Most Competitive Economy in East Africa - WEF Report

Rwanda retains its position as the most competitive economy in the East African region and third in Africa after Mauritius and South Africa, a new Global Competitiveness Index report says.

Rwanda ranks 62nd (with 4.3 aggregates) out of the 144 countries surveyed worldwide, up from 66th previously, while Mauritius and South Africa came in 39th and South Africa 56th globally.

In East Africa, Kenya came second with an overall aggregate of 3.9 and was ranked 90th worldwide. The other East African Community partner states Tanzania, Uganda and Burundi came in 121st, 122nd and 139th, respectively, on the global scale.

Globally, Switzerland holds the number one spot, followed by Singapore and the United States. Finland and Germany both fell one notch, to the 4th and 5th.

The 2014-2015 World Economic Forum annual report, released yesterday in Geneva, ranks Rwanda 18th with best structured institutions globally.

On average, Rwanda's macroeconomic environment scored 4.6 aggregates out of a possible seven, while health and primary education registered 5.5 aggregates.

Competitiveness was also recorded in financial markets (4.30), technological readiness (3.1), business sophistication (3.80) and innovation (3.5).

However, the country underperformed in infrastructure aggregating 3.1, ranking 105th out of 144 countries on that indicator.

Globally, there are two Asian economies in top ten, with Japan listed as the 6th and Hong Kong as the 7th.

Brics economies presented a mixed performance, and China (28th, one place up compared to last year) leading the group, ahead of Russia (53rd), South Africa (56th), Brazil (57th) and India (71st).

The Global Competitiveness Report 2014-2015 assesses the competitiveness of landscape of 144 economies, providing insight into the drivers of their productivity and prosperity.

The report series remains the most comprehensive assessment of national competitiveness worldwide.

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