Bahrain Rank in GCR

Kingdom of Bahrain 43rd in The Global Competitiveness Report 2007-2008, released this week by the World Economic Forum. Several countries in the Middle East and North Africa region are in the upper half of the rankings, led by Kuwait (30th), Qatar (31st), Tunisia (32nd), Saudi Arabia (35th) and United Arab Emirates (37th). Bahrain is still far from realizing its full productive potential. This will require an acceleration of the reform process to tackle many of the obstacles to competitiveness and productivity, Bahrain must resist the temptation of allowing what may be a fleeting gain to lead to complacency said Dr. Yousef Mashal CEO of Mashal Group. The rankings are calculated from both publicly available data and the Executive Opinion Survey, a comprehensive annual survey conducted by the World Economic Forum together with its network of Partner Institutes in the countries covered by the Report. This year, over 11,000 business leaders were polled in a record 131 countries. Economic policy, particularly at the microeconomic level, needs to be the main concern that reflects the most important constraints to competitiveness. The Global Competitiveness report (GCR) should facilitate the progress beyond abstract theoretical policy debates and identify the specific tasks ahead, explained Dr. Mashal. The Global Competitiveness Report’s overall competitiveness ranking is the Global Competitiveness Index (GCI), introduced by the World Economic forum in 2004, which Bahrain is ranked 32 is based on 12 pillars of competitiveness, providing a comprehensive picture of the competitiveness landscape in countries around the world at all stages of development. The pillars include: Institutions, Infrastructure, Macroeconomic Stability, Health and Primary Education, Higher Education and Training, Goods Market Efficiency, Labor Market Efficiency, Financial Market Sophistication, Technological Readiness, Market Size, Business Sophistication and Innovation.
A second part of the Report provides a more detailed examination of the microeconomic aspects of competitiveness, presented in the Business Competitiveness Index (BCI). Countries that do well on the GCI also tend to do well on the BCI, Bahrain have achieved this progress by opening up to the world economy, stabilizing macroeconomic policies and removing internal barriers to competition. However the need to build underlying microeconomic competitiveness to translate these gains into sustained prosperity. If improvements in the business environment and company  and they often require significant shifts sophistication fail to materialize, Bahrain exposes itself to declining competitiveness in company and country and are vulnerable to economic and social risks, said Dr. Mashal.