BD businesses ‘unprepared’ for digital tech challenges: WEF

Businesses in Bangladesh are "unprepared" for the post-Covid challenges on digital technologies as necessary investment on digital technologies coupled with research and development (R&D) has not been made.

The Global Competitiveness Report (GCR) 2020, the flagship publication of the World Economic Forum (WEF), released globally on Wednesday, unveils the findings.

It also shows that ‘public policy support is highly inadequate, public-private partnerships are scant and a section of private sector is unaware’ about the next decade’s challenges and opportunities.

According to the report, due to limited progress in digital technologies, the opportunities unveiled during Covid-crisis is realised on a small scale in Bangladesh and digital divide has been further intensified during the period of the pandemic.

“Significant rise in investment is required on digital technologies in order to avail the new opportunities as well as making them inclusive during the post-covid period,” says the report.

Dhaka-based Centre for Policy Dialogue (CPD) is the partner organisation of the WEF and it conducts the Bangladesh chapter of the latter's global study.

Dr Khondaker Golam Moazzem, research director of CPD, presented the findings and analyses of the report this morning in Dhaka through a virtual press briefing.

He informed that the analysis of Bangladesh has been carried out using the ‘standard GCI 4.0 method.’ Global Competitive Index (GCI) has twelve pillars of competitiveness. Executive Opinion Survey (EOS) has also been conducted to prepare the status of each pillar.

Due to the Covid-19 pandemic, the GCR 2020 is a special edition and the GCI ranking has been paused in 2020.

Given the challenges faced by all economies affected by the Covid-19 shock, the special edition of the report focuses on ‘How Countries are Performing on the Road to Recovery.’

A total of 142 countries have been surveyed, of which 126 countries have valid responses.