COLOMBO, Sept 28 (NIA) – Sri Lanka has fallen behind three notches in global competitiveness this year to rank 71st among 138 countries, the Global Competitiveness Report for 2016/2017 released by the Geneva-based World Economic Forum (WEF) said Wednesday.
Sri Lanka, with a score of 4.19 out of 7 ranked 71st in the Global Competitiveness Index (GCI) this year dropping from last year’s 68th place.
India ranked top in South Asia at 39th place up 16 places from last year.
The Global Competitiveness Report said that Sri Lanka which is identified as the most advanced economy in the region, slipped three positions to 71, but with a stable score.
“After years of conflict, the country needs to concentrate on triggering the efficiencies that will drive further growth – for example, by restructuring the labor market and investing in technological readiness, where it lags significantly behind economies at a similar stage of development,” the report suggested.
The study, released Tuesday evening, assesses 140 countries on the basis of factors driving their productivity and prosperity.