Members:

MUHAMMAD MUBEEN (R1F15MCOM0151)INAM MUHAMMAD (R1F15MCOM0023)MUHAMMAD KALEEM (R1F15MCOM0007)

Topic:

Introduction of World Economic Forum

Global Competitiveness Report2016-2017

Pakistan’s Ranking in GCI 2016-2017

Introduction of World Economic Forum The World Economic Forum (WEF) is a Swiss nonprofit

foundation, Cologny, Canton of Geneva. Recognized by the Swiss authorities as an international body, its mission is cited as "committed to improving the state of the world by engaging business, political, academic, and other leaders of society to shape global, regional, and industry agendas"

Global Competitiveness Report: The Global Competitiveness Report 2016-2017

assesses the competitiveness landscape of 138 economies, providing insight into the drivers of their productivity and prosperity.

Switzerland, Singapore and the United States remain the three world’s most competitive economies.

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

12 Pillars of competitiveness:

Quality of Institution

Higher education &

training

Technology development

Market size

infrastructure

Goods market efficiency

Labor market efficiency

Business sophistication

Macroeconomic environment

Health & primary

education

Financial market

development

innovation

Explanation:Quality of institution

Infrastructure

Macroeconomic environment

Health and primary education

Protection of property Security Easy trail system (judiciary )

Quality and availability of transport, electricity and communication infrastructure.

Objective is to increase in productivityRemoval of harms in economyControl of money inflation To sustain business cycle To remove high interest rates

Healthy workforce is important for productivity Increase health facilities Quantity and quality of education Increase literacy rate

Explanation:Higher education & training

Goods market efficiency

Labor market efficiency

Financial market development

Quality higher education eg: Labs, research laboratories, experiments Training: High educated workersSkills enhancement programs

Factors that drives the intensity of domestic & foreign• Competitors• Quality of

demand function

Providing of goods to market on demand

• Incentives provided to Labours leads them to efficiency in productivity

• Efficient use of talent

• Gender parity in the workplace

Allocation of resources in order of population Efficiency, stability and trustworthiness of financial and banking system.

Explanation:Technological readiness

Market size Business sophistication

Innovation

Adoption of technologies by• Business • individualsTechnological readiness is directly proportional to FDI

• Domestic market size

• Foreign market size

Quality of a country overall business network Quality of individual firmSupporting Industies, businesses and Suppliers To reduce barriers for new firms

Capacity for and Commitment to technology innovationInnovation in R&DIntroducing new products Innovation in existing products

GCI Sub Index:

Pakistan’s Ranking: Pakistan’s ranking in terms of Global Competitiveness

Index (GCI) 2016-17 has witnessed improvement by four notches as it stood at the 122nd position in 2016-17 against the 126th position previous year 2015-16 out of the total 138 countries, World Economic Forum (WEF) reports.

Opportunities for Pakistan: Pakistan has shown improvements on some of the key

indicators to improve its global competitiveness, however the country still needs to integrate itself into the digital and cyber world. Pakistan with approx. 186 million population offers great prospects if data and knowledge-based policy making is introduced in the country