Gambia’s ability to retain its own talents is two grades point lower than its capacity to attract talents from elsewhere, says The Global Competitiveness report published by the World Economic Forum on September 27.
The Gambia which fared better than only 15 countries on the report, scoring 123rd out of 138, has been ranked 67 out of 138 in terms of its capacity to retain its talent as opposed to 55 out of the same number on its capacity to attract talent.
The Gambia that scored 123 also on the last year ranking has fallen behind the neighboring Senegal that has also dropped on its ranking from 110 to 112 this year out of 138 countries.
But in terms of both brain drain attracting talents, Gambia did better than Senegal on the report.
Senegal scores 85 ranking out of 138 in terms of its capacity to retain talent while it is ranked 65 in its capacity to attract talent.
The key indicators the Index looks into are the state institutions, infrastructure, macroeconomic environment, health and primary education and also efficiency enhancers such as higher education and training, goods market efficiency, labor market efficiency, financial market development, technological readiness and market size.
Other indicators are innovation and sophistication factors such as business sophistication and innovation
Nigeria, the economic powerhouse of the region, has fallen two places behind Gambia at 125th out of the 137 economies the ranking covers.
Though this is a slight improvement of the country’s 127th position in last year’s ranking.
The ranking of others are as follows: Democratic Republic of Congo (126th), Burundi (129th), Sierra Leone (130th), Chad (135th) and Liberia (134th), while several other sub-Saharan African countries like Cameroon (116th), Ghana (111th), and Uganda (114th) are better off than Nigeria.
Gambia’s scores on other relevant indicators are as follows: quality of electricity supply 101, government debt % GDP 121, life expectancy years 123, public trust in politicians 44, quality of the education system 40, quality of math and science education 104, quality of management schools 68, total tax rate % profits 125, ease of access to loans 120, soundness of banks 76, internet users % pop. 122, innovation 106 and availability of scientists and engineers 128
The report also ranks in order of importance the most problematic factors for doing business in Gambia which it states as access to financing, foreign currency regulations, tax rates, inflation, inadequate supply of infrastructure, poor work ethic in national labor force, corruption, tax regulations, inefficient government bureaucracy, insufficient capacity to innovate, inadequately educated workforce, policy instability , crime and theft, government instability, poor public health and restrictive labor regulations.
Mauritius and Rwanda, at 45th and 58th positions respectively, are ranked higher than South Africa (61th).
Switzerland maintains its number one spot as the most competitive economy in the world.
The 10 most competitive world’s economies are Switzerland, the U.S, Singapore, the Netherlands, Germany, Hong Kong, Sweden, the U.K, Japan, and Finland.