articles | 10 October 2019

Cyprus unchanged on Global Competitiveness ranking

Cyprus remains at 44 in the World Economic Forum’s Global Competitiveness Report for 2019, scoring poorly for ICT adoption and business dynamism.

Singapore ranked first out of 141 countries, overpassing the USA which dropped to second.

The index is organized into 12 pillars, reflecting the extent and complexity of the drivers of productivity and the competitiveness ecosystem.

These are institutions, infrastructure, ICT adoption; macroeconomic stability, health, skills, product market, labour market, financial system, market size, business dynamism and innovation capability.

Cyprus ranked 44, the same position as in last year’s report with a total score of 66.5 points, 0.8 points more than its previous performance.

In the pillar of institutions, Cyprus ranked 31, marking an improvement from 37th position last year, while for infrastructure Cyprus dropped to 48 from 43 in 2018, although the total score remained at the same level.

Cyprus marked a significant deterioration for ICT adoption falling to 58th place from 33 last year, with its total score declining to 62 from 68.8.

For macroeconomic stability, Cyprus climbed to 43rd spot from 63 with a total score of 90 points compared to 78.9 the year before, while in health Cyprus jumped to 13 from 26, mainly owing to the introduction of the national health scheme.

In the pillar of skills, Cyprus gained one spot climbing to 32 and for product market it declined to 33 from 26.

In the labour market, Cyprus also dropped to 35th position from 28 last year with a total score declining to 66.1 from 66.9.

Cyprus did record significant improvement in the pillar for the financial system, securing 76th place from a lowly 95 last year.

With regard to market size, Cyprus remained in 110th place with a marginal improvement in the overall score.

According to the report, Cyprus lost three positions in the pillar of business dynamism, raking 37th while in the pillar of innovation capability Cyprus gained two positions securing 43rd place.

Source: Financial Mirror



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