Europe Dominates Global Trade Logistics
The World Bank has used logistics performance index (LPI) to rate 168 economies based on the efficiency of their supply chains to connect businesses to domestic and international opportunities in their bi-annual report. The interactive bench marking tool will help countries in identifying different challenges and opportunities in trade logistics like resilience of the supply chain, environmental footprint and the need for qualified workers.
For the fourth time, Germany was able to achieve the highest aggregate score. The World Bank revealed that developing countries require managerial-level workers while the developed countries are facing shortage of blue collar workers. Countries that have more advanced economies are more likely to choose logistics services that are environmentally friendly because carbon dioxide emissions from transport results into pollution.
Alongside Germany, the LPI index also featured the European countries that made it to the top ten like Netherlands, Sweden, Belgium, UK and Austria. Asian countries that made it to the top bracket include Singapore, Japan and Hong Kong. The United States also made it to the top ten.
Advanced economies are the world leaders in trade logistics but they can still reach more opportunities at home and in other countries. According to the World Bank that works to reduce poverty and build shared prosperities in developing countries, most countries are now following logistic-related reforms and investments in order to build infrastructures, improve transportation and trade and develop modern services. Developing countries also need to improve infrastructure, customs, skills and regulations.
In the Connecting to Compete report, it was revealed that countries with high economies score on average 48% higher compared to low income countries in terms of logistics performance. However, the first world countries are more likely to enhance their security against cyber attacks compared to the third-world nations.
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