ISLAMABAD: Pakistan improved seven ranks on the Global Competitiveness Index of the World Economic Forum for the ninth consecutive year with Switzerland ranked as the most competitive economy in the world.

United States and Singapore ranked at second and third respectively, according to a statement issued by Private sector organization Mishal Pakistan here on Wednesday.

The report said Pakistan had shown impressive performance and extraordinary recovery on key competitiveness indicators.

The country had been successful in strengthening and improving its institutions and macroeconomic framework, showing stability and improvements to its global competitiveness footing.

The report was an annual assessment of the factors driving countries' productivity and prosperity.

The report said Pakistan's ranking at 115 was measured by the twelve pillars of competitiveness.

On the institutions pillar, Pakistan improved 21 ranks and stood at 90 from 111 last year.

According to the report, infrastructure improved from 116 to 110, on the Macroeconomic Stability Pillar Pakistan improved 10 ranks and stands at 106.

The report also showing sustained improvements on business sophistication the rank changed from 95 last year to 81 in 2017, while on the Innovation pillar an impressive improvement of 15 points now places Pakistan at 60 rank on the global competitiveness index.

Chief Executive Officer of Mishal Pakistan, Amir Jahangir the country partner institute of the global competitiveness of the World Economic Forum said, "Pakistan is classified as a factor driven economy."

He said Pakistan's economy primarily depends on improving its institutions, infrastructure, macroeconomic stability, health and primary education indicators.

Amir said Pakistan had managed to resist the global crisis and had shown resilience for economic recovery.

He further said, "this year the report also shows performance of the political government and its ability and understanding to address the competitiveness challenges."