As far as the global competitiveness index goes, African economies have not always been exemplary. The sub-Saharan nations have particularly been on the lowest point in the global ranking.
The global Competitiveness index is the evaluation of 138 countries with respect to economic vibrancy. The index provides insight into the drivers of their productivity and prosperity.
On that note it is consoling to know that Countries like Rwanda, according to the 2016 African Prosperity Index by Legatum Institute has been noted as the most improved country in 2016.
Yet again Rwanda’s economic statement has been spotted in the global competitiveness index. Here the prospering nation ranks 52nd on a global ranking with a competitive score of 4.41.
Africa first feature in the global ranking is the 45th position courtesy of Mauritius. Following at the 47th spot is South Africa.
Compared to 2015 ranking, there has not been much striking changes in African economies. While there were only 3 sub-Saharan African nations who made it to the top half global rank, this year the number grew by one spot. There are now 4 sub-Saharan countries that have made it the top half of the ranking of global competitiveness index.
On the reverse there are 22 sub-Saharan nations found at the bottom of the list. This reveals the sad truth about how poorly the region is doing with their economies. Out of the 22 countries, 15 of them have been stagnated in low ranks since last year.
However, Caroline Galvan, Senior Manager, World Economic Forum, still has something good to say about sub-Saharan economies:
“In general, the region has made progress in efficiency-enhancing market reform, especially in goods market, but has much more to do improve its instructions, infrastructure, and health and education sectors, all areas in which reforms will take time to reap benefits.”
Below is the order of competitive economies in Africa:
Global Rank: 45th
2. South Africa
Global Rank: 47th
Global Rank: 52nd
Global Rank: 64th
Global Rank: 84th
Global Rank: 95th
7. Cote d’Ivoire
Global Rank: 99th
Global Rank: 109th
10. Cape Verde
Global Rank: 110th