A fruit vendor waits for customers at Suleiman Gohar market in Dokki district in Cairo (Photo: AP)
Egypt’s ranking in the Global Competitiveness Index of the World Economic Forum has fallen for the 4th consecutive year.
In the 2013-2014 Global Competitiveness Index (GCI), the country slid to 118th position from 107 last year, falling from 3.7 to 3.63 points, to be placed in the lowest quartile of 148 countries included in the report.
"The deteriorating security situation and tenacious political instability are undermining the country’s competitiveness and its potential for growth," according to the authors of the World Competitiveness report.
The report defines competitiveness by the institutions, policies, and factors that determine the level of productivity of a country.
Evaluation of each country is based on its performance across three sub-indices (‘basic requirements’, ‘efficiency enhancers’ and ‘innovation and sophistication factors’), divided further into 12 categories.
Deterioration this year is largely attributed to the pillars of basic requirements and efficiency enhancers.
Efficiency enhancers reflect Egypt's poor performance in higher education and training, the efficiency of goods, labour and financial markets, as well as the level of technological expertise.