02 Oct 2015 12:50pm
KEETMANSHOOP, 02 OCT (NAMPA) Despite moving up three places in the Global Competitive Report 2015- 2016, Namibia remains in a vulnerable economic position with its ranking of 85th place out of 140 countries across the world.
The ranking puts the country in a difficult position to adequately absorb economic shocks such as global slowdowns, high exchange rates or mass work stoppages.
Namibia was rated poorly on its quality of higher education, technological readiness, innovation and market size in the competitive report released by the World Economic Forum on Wednesday.
The top ten spots were taken by developed countries with Switzerland, Singapore and the United States retaining their standing in the top three.
According to the report, the economies of Sub-Saharan Africa continued to grow by almost 5%, but competitiveness and productivity from the workforce remained low.
This is something the countries in the region will have to work on, especially as they face volatile commodity prices, closer scrutiny from international investors and population growth, the report outlined.
Mauritius remains Africas most competitive economy (46th), followed by South Africa (49th) and Rwanda (58th). Botswana (71st) and Namibia complete the list of the top five competitive economies on the continent.
In Namibia, a discontent workforce remains a concern with mining operations generally plagued by strikes over wages and conditions according to the report.
The report is an annual assessment of factors driving productivity and prosperity in 140 countries.
The top-ranking countries all fare well in this regard. But in many countries, too few people have access to high-quality education and training, and labour markets are not flexible enough, the report reads.
Germany and the Netherlands are in fourth and fifth place respectively on the world rankings.