Mauritius moved up nine places this year out-pacing South Africa in the Global Competitiveness Report 2013-2014, as the most competitive economy in Africa.
The country benefits from relatively strong and transparent public institutions with clear property rights, strong judicial independence, and an efficient government. Financial markets also deepened based on the improved access to different modes of financing and financial services.
Mauritius which ranked 45th globally is followed by South Africa (53rd), Rwanda (66th), Botswana (74th) and Morocco (77th) – as the most competitive economy in Africa.
Seychelles, Tunisia, Zambia, Kenya, Algeria, Libya, Gabon, Senegal, Ghana, Cameroon and Gambia ranks 80, 83, 93,96,100,108, 112, 113,114,115 and 116th positions respectively.
Egypt dropped 11 places from last year’s index, to the 118th spot while Nigeria dropped six placed to the 120th position globally.
Cape Verde, Lesotho, Swaziland, Tanzania, Cote d’Ivoire, Ethiopia, Liberia, Uganda, Benin, Zimbabwe, Madagascar all occupied the 122th to 132nd position accordingly while Mali, Malawi, Mozambique maintained the 135th, 136th and 137th positions.
Burkina Faso and Mauritania ranked 140 and 141 most competitive nation globally while Sierra Leone stands at number 144.
Angola re-enters the Index this year at number 142 while Burundi, Guinea, and Chad (all African countries) were ranked as the least competitive countries of the 148 countries surveyed.
Conversely, among low-income economies, Kenya makes the biggest improvement, rising by ten places while Nigeria continues to be ranked low, highlighting the need for it to diversify its economy.
Although the report indicated that great efforts need to be made to improve Africa’s competitiveness, it says Sub-Saharan Africa continues its impressive growth rate of close to 5 percent in 2012, providing something of a silver lining in an otherwise uncertain global economy.
Globally, Switzerland remains the most competitive country in the world for the fifth consecutive year