Bangladesh's ranking as a competitive economy has suffered a setback, falling by one notch in a global index as the country's competitiveness has weakened in most of the indicators.
Out of 140 countries, the country has been ranked the 103rd most competitive economy in the world by Geneva-based World Economic Forum (WEF).
The Global Competitiveness Index (GCI) was unveiled on Wednesday by the local think tank Centre for Policy Dialogue (CPD), a partner of the forum.
The CPD organised a press conference at the CIRDAP auditorium in Dhaka to share the findings of the report.
The CPD showed that Bangladesh's ranking in nine pillars' out of 12 were poorer than 2017's.
It noted that Bangladesh's ranking was over 100 in nine pillars out of its 12.
It ranked between 80 and 100 in two areas—macroeconomic stability (88th) and health index (96th).
It found well in only one pillar, market size of the economy, which is the 36th largest in the world.
The latest rankings were prepared under a new methodology adopted from this year globally.
In the old methodology, Bangladesh's position was 99th out of 135 countries in 2017. This year five new counties have been included totaling 140.
Dr Khondaker Golam Moazzem, research director at the CPD, said that Bangladesh's poorest ranking is in business dynamism (120th) and product market development.
"The two are the poorest as the cost of doing business remained higher in Bangladesh than many countries," Dr Moazzem said.
Bangladesh needs time to start a business, he said, blaming it on the lack of adequate legal framework.
The report said corruption remains a top problematic factor in doing business.
Inadequate infrastructure and inefficient government bureaucracy also inhibit entrepreneurs from doing business, Dr Moazzem said.
"Our clearing process at the major ports remained much slower than those of other countries," he said.
The report also showed that Bangladesh remained much behind in most of the pillars of the competiveness compared to other developing countries of South Asia.
The 2018 report said at 58th, India ranked at the top from the South Asian region, with Sri Lanka coming in at 88th, Pakistan at 107th, and Nepal at 109th.
The CPD has analysed a historic trend of Bangladesh since 2010 showing that in eight years Bangladesh's progress "was not so robust."
"Basic requirement index made the Bangladesh's major contribution," the report reads.
While size is an upside, an efficient market is required to tap its benefits, according to CPD distinguished fellow Dr Mustafizur Rahman.
He said the new methodology has many challenges for Bangladesh as it is not "linear" as was the case earlier.
"The country's rank slipped as other competitive countries achieved improvement at a faster rate," he noted.
He, however, said if there are "effective' implementations of the economic zones, there are possibilities to improve the rankings.
"To my mind, theses economic zones may emerge as game changers."
While speaking at the press briefing, the CPD executive director Dr Fahmida Khatoon said Bangladesh labour forces remained behind as they lack proper skills.
"Our labour forces are not advancing as they should be …"
Meanwhile, the league table - topped by the United States for the first time in a decade-found that Europe as a whole was now less competitive than East Asia and the Pacific regions.
The forum, which has been releasing the report annually since 1979, warned that the majority of global economies were ill-prepared for rapid advances in technology.
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