Vietnam falls from 68th to 70th position in GCR 2008
11-OCT-2008 Intellasia | Vietnamnet
Oct 11, 2008 - 7:00:00 AM
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World Economic Forum (WEF) on October 8 announced the Global Competitiveness Report 2008 in which Vietnam fell two grades from 68 to 70th position.
The report is built based on publicly available statistics and assessment of the international experts. From this, WEF releases the ranking list according to the competitive strength.
As per the report, US still took the lead thanks to the very high productivity, leading creative strength and the most effective human resource allocation. Also, the report took into consideration the weakness of macro factors and instability in the US's banking sector, budget overspending and government debt. However if the report had recorded the current US financial crisis, the US could not have maintained the first position in the Global Competitiveness Report 2008 (because the report was built prior to the breakout of US financial depression 2008).
The list of top ten countries in the report 2008 is nearly unchanged, led by US, Switzerland, Denmark, Sweden, Singapore, Finland, German, Netherlands and Japan. A new member Canada joined the top ten while UK dropped out of the list due to the shortcomings in its banking system.
Singapore climbed from seventh to the fifth spot to replace Germany. The Asian nation has a perfect infrastructure and legislation scheme. The country stands second in terms of operational effectiveness of the goods market, labour market and financial market. The weaknesses in the Singapore's system include small size market, high difference between lending and deposit rates, and government's debts.
Vietnam stood 64th in 2006, 68 in 2007 and 70 in 2008.
Among western Asia nations, Vietnam is above Philippines and Cambodia (Laos and Burma have not been listed in the report yet).
Vietnam's worrying shortcomings are inflation, infrastructure and skilled labour.
Four countries that were behind Vietnam in Global Competitiveness Report 2007 are now ahead in of Vietnam in the 2008 report. Botswana jumped from 76th to 56th, Brazil from 72nd to 64th, Montenegro from 82nd to 65th, and Rumania from 74th to 68th. Meanwhile, El Salvador is down from 67th to 79th and Maroc dropped from 64th to the 73rd grade.
WEF's Global Competitive Report aims to provide an overall picture on the economic environment of nations as well as each nation's capacity to reach a stable growth and development.
Vietnamese partners providing statistics to WEF in 2008 are Central Institute for Economic Management and HCM City Economic Institute.
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