(MENAFN- Muscat Daily) The sultanate was ranked 46th out of 144 global economies dropping 13 places from last year according to the 2014-15 Global Competitiveness Report which was recently released by the World Economic Forum (WEF). Although still classified as one of 24 economies in transition from 'efficiency driven' to 'innovation driven' Oman witnessed an overall decline in key indices.
The report examined Oman's economy based on efficiency enhancers innovation and sophistication factors as well as the basic requirements of doing business which includes infrastructure health education and economic factors. Restrictive labor regulations inadequately educated workforce inefficient bureaucracy and poor work ethic were some of the problematic factors raised during the WEF survey.
Oman scored well in the macroeconomic environment covering the Government's budget balance national savings and control of inflation.
Switzerland topped the ranking for a sixth successive year. Singapore remains in second place while the US moved up one place to third. According to the report there was a general decline in the performance within the GCC. Qatar Saudi Arabia Kuwait and Bahrain also drop in their rankings from last year.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.