According to the Global Competitiveness Index report published annually by the World Economic Forum, Mongolia ranked 102nd with a score of 3.8 out of 138 countries reviewed, an improvement compared to last year’s 104th ranking.
The report was presented in Mongolia by the Manager of Economic Policy at the Open Society Forum, D.Oyunbadam.
D.Oyunbadam said, “Mongolia has received a 3.8 on the competitiveness index for the last three years. Mongolia has been included in this study for 12 years. In this period our score ranged from 3.2 to 3.9. The highest possible score is a seven. Out of the 12 pillars used to score countries, Mongolia slightly improved in four of these pillars compared to last year. For example, there was a 0.4 increase in the stability of the macroeconomics environment pillar, and a one point increase in the scoring of our financial market development, technological readiness, and higher education and training pillars. The decrease in inflation played a large role in the improvement of the macro economy.”
Mongolia’s scores in goods market efficiency, labor market efficiency, business sophistication, and institutions dropped by 0.2 points.
The report takes into account infrastructure, education, healthcare, market size, and the macro economy of a country when conducting the index report. According to the World Economic Forum website, the report “assesses the ability of countries to provide high levels of prosperity to their citizens. This in turn depends on how productively a country uses available resources. Therefore, the Global Competitiveness Index measures the set of institutions, policies, and factors that set the sustainable current and medium-term levels of economic prosperity.”
In this year’s report, Switzerland ranked first with a 5.8 score, Singapore was second with a score of 5.7, and the United States ranked third with 5.7. Switzerland has led the ranking for the last eight years. China ranked 28th and Russia was behind at 45. Yemen, Chad, and Mauritania filled the last three places in the ranking.