The WEF defines competitiveness as the “set of institutions, policies, and factors that determine the level of productivity of a country. The level of productivity, in turn, sets the level of prosperity that can be earned by an economy. The productivity level also determines the rates of return obtained by investments in an economy, which in turn are the fundamental drivers of its growth rates. In other words, a more competitive economy is one that is likely to sustain growth.”
To determine these rankings, global economies were rated according to 12 pillars: institutions, infrastructure, macroeconomic environment, health and primary education, higher education and training, goods market efficiency, labour market efficiency, financial market development, technological readiness, market size, business sophistication, and innovation.
This year saw Gabon, Guinea, Liberia, Sierra Leone, and Seychelles included in the rankings with a return by Libya after a year of non-inclusion. Angola and Tunisia were not included this year due to research problems. Below is a summary of the top three and bottom three ranking African countries.