Nepal ranks low in competitiveness
Kathmandu, September 29:
World Economic Forum (WEF) has stated that competitiveness among business organisations
in Nepal has been found to be very low.
The survey done by WEF has stated that out of the total 125 countries’ business competitiveness capacity survey, Nepal has been rated very poor at 110th position and Nepal’s business environment, even compared to other South Asian members, has also found to be weak.
As per WEF, Switzerland is number one in the Global Competitiveness Report for the first time, reflecting the country’s sound institutional environment, excellent infrastructure, efficient markets and high levels of technological innovation.
In South Asia, Bhutan and Maldives have not become the members of WEF.
Nepal’s competitiveness survey was conducted by picking some 73 business organisations related to hotels, telecommunications, banking, agro-based industries, and manufacturing, among others.
The survey questionnaire was designed to capture a broad range of factors affecting an economy’s business climate that are critical determinants of the sustained economic growth.
WEF’s survey was released by Centre for Economic and Development Administration (CEDA) yesterday.
The report states that instability in government, political instability, corruption and weak infrastructure development have contributed to low investment that has eroded the business competitiveness in Nepal.
In South Asia, India and Sri Lanka have been ranked at 43rd and 79th position, respectively. The number one country on ‘sound-business-competitiveness’ survey is Switzerland followed by Finland, Sweden, Denmark, Singapore, United States, Japan, Germany, Netherlands and United Kingdom. WEF had expanded its coverage by including countries like Angola, Barbados, Burkina Faso, Burundi, Lesotho, Mauritania, Nepal, Surinam and Zambia.