World Economic Forum (WEF) ranks Mauritius 1st in Sub-Saharan Africa
In its Global Competitiveness Report 2017/2018 the World Economic Forum (WEF) ranked Mauritius 1st in Sub-Saharan Africa and 45th globally. The report assessed the competitiveness of economies and provides an insight into their productivity and prosperity.
Countries are assessed according to the 12 pillars of the Global Competitiveness Index (GCI), namely institutions, infrastructure, macroeconomic environment, health & primary education, higher education & training, goods market efficiency, labour market efficiency, financial market development, technological preparedness, market size, business sophistication and innovation. Each pillar is grouped into three sets describing basic requirements, efficiency enhancers and innovation factors of competitiveness.
According to the report, Mauritius has an efficient legal framework coupled with highly accountable private institutions, effective auditing and accounting standards. The report also commended the legal provisions which ensure protection of minority shareholders’ interests.
The country’s infrastructure is developing according to regional standards and the country boasts an efficient goods market driven by a greater foreign presence and increased competition. The labour market is relatively flexible regarding wages and recruitment. In addition, the employment of women has significantly increased across all economic sectors, including the scientific and engineering fields.
Efforts have been acknowledged in relation to the development of the financial market through notable improvements in the sector. This recognition includes a sound banking sector, well-regulated securities exchanges, venture capital, and other financial products available. This is reflected in company spending on R&D which is increasing, thereby enhancing the innovative capacity and further, with increased protection of intellectual property rights.
Finally the report categorised Mauritius in a group of 20 countries that are transitioning from Stage 2 to Stage 3, implying a shift from an efficiency-driven to an innovation-driven economy in line with the Government’s objective to attain a high-income-country status.
(Reference to World Economic Forum)