World Competitiveness Index

(image from http://www.weforum.org/documents/GCR0809/index.html )

(image from http://www.weforum.org/pdf/gcr/2008/rankings.pdf )

The Global Competitiveness Report 2008-2009 conducted by the World Economic Forum. The full report is available online at http://www.weforum.org/documents/GCR0809/index.html


from Borneo Bulletin, 10th October 2008, p1:

Brunei 39th in world in competitiveness
By Azlan Othman

A global survey on competitiveness has put Brunei behind Singapore, Malaysia and Thailand and above the rest of its Southeast Asian neighbours.

In the Global Competitiveness Report 2008-2009 conducted by the World Economic Forum, the Sultanate is ranked 39th out of 134 economies polled.

Brunei managed to get an overall score of 4.54 points out of the maximum seven points in the Global Competitiveness Index (GCI). The United States tops the overall ranking with Switzerland in second position followed by Denmark, Sweden and Singapore.

The strength of Brunei lies in its macroeconomic stability where it came second among 134 countries behind Kuwait with strong ranking in government surplus and deficit, inflation and government debt.

In terms of health, Brunei has come first in its HIV prevention initiative.

The country also received good rankings in Labour Market Efficiency (16th), Infrastructure (39th), Institutions (41st), Health and Primary Education (47th) and Technological Readiness (54th).

But Brunei's overall ranking is constrained by domestic market size (123th place), number of procedures and time required to start business (125th), availability of scientists and engineers (117th) and capacity for innovation (103th).

Brunei's GCI scores in Higher Education and Training, Goods Market Efficiency, Financial Market Sophistication, Business Sophistication and Innovation were close to the averages of all transition economies in the study. The country's GCI score in Market Size was below average for an economy that is undergoing transition from being factor driven to one which is efficiency driven. This was partly because of the small domestic and foreign market sizes of Brunei Darussalam.

The rankings are calculated from both publicly available data and the Executive Opinion Survey, a comprehensive annual survey conducted by the World Economic Forum together with its network of Partner Institutes, (leading research institutes and business organisations) in the countries covered by the report. In Brunei Darussalam, the partner institute is the Ministry of Industry and Primary Resources.

This year, over 12,000 business leaders were polled in a record 134 global economies.

The survey is designed to capture a broad range of factors affecting an economy's business climate. The report also includes comprehensive listings of the main strengths and weaknesses of countries, making it possible to identify key priorities for policy reform.

Speaking on behalf of the Ministry of Industry and Primary Resources, as the partners institute of the GCN in Brunei Darussalam, Pehin Dato Seri Setia Awg Haji Yahya bin Begawan Mudim Dato Paduka Haji Bakar, Minister of Industry and Primary Resources, welcomed the report and indicated that "Brunei Darussalam's GCI score and rank are quite respectable. The GCI score represents a third party assessment of what the country has achieved in its endeavour to develop a globally competitive economy. The 2008-2009 GCI score is a benchmark that Brunei hopes to surpass in the marathon race towards greater global competitiveness. This marathon requires consistent effort and unrelenting tenacity in addressing the various elements that need to be reformed in order to improve the country's level of competitiveness and achieve the goals of economic diversification. The report is timely as it will provide a boost in Brunei's drive in promoting inward investments, both from local and foreign sources".

Pehin Yahya also said, "The 12 pillars of the GCI has 110 variables, 33 of which are based on hard data. The GCN team has assessed Brunei as having competitive advantages in 32 of those 110 variables. The report also presented the perception of a representative sample of our business community on some of the challenges for doing business in the country. Clearly, while our current GCI index of 4.54 out of the seven maximum score is respectable, there are things that can be done to improve Brunei's competitiveness. For example, the task of enhancing our competitiveness requires the concerted and collaborative efforts of all stakeholders including government ministries and agencies, the business associations, entrepreneurs, managers and employees. The Ministry of Industry and Primary Resources is indeed committed to working with all in strengthening the country's competitiveness."

This year's report is the most comprehensive of its type. Coverage has been expanded to Brunei, Côte d'Ivoire, Ghana and Malawi.

Reference:

http://www.weforum.org/en/initiatives/gcp/Global%20Competitiveness%20Report/index.htm