Ghana is World's 71st Most Competitive Economy

...Finland, U.S. Most Competitive Economies
... Survey Covered 102 Countries
Ghana is the world's 71st most competitive economy according to a Global Competitiveness Report of 102 countries released Thursday. Ghana ranked below such troubled economies as Gambia and Tanzania, but claimed the scalps of oil-rich Nigeria, Algeria and Kenya.

The survey among business leaders measured economic competitiveness based on a combination of technology, the quality of public institutions and the macroeconomic environment. They therefore reflect perception as much as the reality of countries' economic performance.

Botswana is Africa's best performing economy ranked 36th in the world, showing progress in most areas except for low scores in innovation. South Africa slipped to 42nd from 34th because of a perceived deterioration in the quality of its public institutions.

Chile topped the poll in Latin America; while Jordan showed a sharp rise among Middle Eastern countries.

The lowest ranking countries for competitiveness were Zimbabwe, Bangladesh, Chad, Mali, and Haiti.

Finland is the world's most competitive economy followed by the United States, Sweden, Denmark and Taiwan, Britain dropped four places to 15th and Canada fell off 2002's top 10 list to stand 16th, both penalized for declines in the quality of their public institutions, the Geneva-based World Economic Forum said in a survey of 102 countries.

Finland, home to mobile phone giant Nokia, remained in first place.

The United States scored high on technology but weak on the quality of its public institutions and economic environment, particularly public finances, where it ranked 50th.

Germany moved up one notch to 13th and France gained two places to 26th. The WEF said both countries showed improvements driven by better public institutions and technology, despite budgets troubles.

Italy is the lowest ranked European Union member 41st, down from last year's place at 33.

In a separate ranking for business competitiveness, Finland retook the leading position after dropping to second place behind the United States last year.

The United States was pulled down by concerns about rising trade protection and tightening capital availability.