Egypt ranked 119 in the World Economic Forum’s (WEF) Global Competitiveness Index Report for 2015 - 2016, up three places from 116 last year.
This was the first progress in Egypt's ranking in WEF since the January 25 Revolution 2011.
This progress came to reflect the recent reforms run by the government related to the judiciary, judicial independence, the efficiency in settling legal disputes and the efficiency in challenging regulations.
According to the report, Egypt witnessed improvement in both the business cost of terrorism and the business cost of crime, where Egypt has ascended to 138 and 127 respectively, compared to the previous year.
Although reforms have helped to push Egypt upwards, there is still a pressing need for the densely populated country to carry out continued reforms, create favorable conditions for private-sector growth and provide more openness to trade and investment, noted the report.
