Egypt ranked 93rd in the Global Competitiveness Index, up from 94th in 2018, and ninth among Arab countries, according to the Global Competitiveness Report for 2019 issued by the World Economic Forum on Wednesday.
According to the report, the United Arab Emirates ranked first among Arab countries and 25th globally, followed by Saudi Arabia at second among Arab countries and 36th globally.
Bahrain, which is the third among Arab countries ranked 45th globally. Kuwait, which is fourth among Arab countries, ranked 46th globally. Morocco ranked fifth among Arab countries and 75th globally, while Tunisia sixth and 87th, Lebanon ranked seventh and 88th, and Algeria ranked eighth and 89th, respectively.
Singapore surpassed the US to occupy the first rank globally, with the US second followed by Hong Kong, The Netherlands, Switzerland, Japan, Germany, Sweden, the UK, and Denmark.
The US, UK, Japan and Sweden all retreated one spot. Hong Kong jumped four spots, the Netherlands improved two spots, while Germany dropped four spots, and Denmark kept its rank.
"The Global Competitiveness Report 2019 reveals an average across the 141 economies covered of 61 points. This is almost 40 points short of the “frontier”. It is a global competitiveness gap that is particularly concerning, given the world economy faces the prospect of a downturn. The report’s survey of 13,000 business executives highlights deep uncertainty and lower confidence," according to the report.
Egypt recorded an index score of 54.5.
The report mentioned that while the $10 trillion injection by central banks is unprecedented and has succeeded in averting a deeper recession, it is not enough to stimulate productivity growth in enhancing investments in the private and public sectors.
However, according to the report, some of this year’s better performers appear to be benefiting from global trade tensions through trade diversion, including Singapore (1st) and Vietnam (67th), the most improved country in 2019.
*An earlier version of this article mistakenly reported that Egypt is in 39th place in the 2019 Global Competitiveness Index. It is in 93rd place.