No doubt sluggish and incompetent government can take any country of the world on verge of collapse and gives such deep wounds to whole economy that need decades to get healed. Least efficient government completely refrains from maintaining rule of law and fails to give its citizens a right to take part in decision-making to gather opportunity to raise their living standard. Curtailing information regarding policies and working of institutions are mostly seen to hide worst condition created due to inefficiency of government. Centralized decision making and wholly unaware of ground realities of country are common feature of worst government that cause wastage of public spending and bring poverty and grievance to its masses with little to no relief. Least efficient government always believes in increasing regulation, lessening transparency and implementing inadequate legal frameworks to curtail expansion of business.
The country with world’s largest oil reserves, Venezuela has the least efficient government, some way behind Italy and Argentina in second and third places as per World Economic Forum list. Half of revenue generated by Venezuelan government comes from oil. Furthermore oil contributes 25% and 95% to GDP and exports respectively. The financial system of country is insufficient to meet the demand for dollars and scarcity of U.S. dollars has contributed to a flourishing black market for the currency. Venezuela’s scarcity index of basic goods has hit a record figure of 28 percent in January 2014 and poverty can be seen all around the country. The drop in oil prices is adding fuel to the fire and making situation worsen. About 25 percent of Venezuela’s imports and oil is also being smuggled across the border, mostly to neighboring Colombia, claimed by government.
The World Economic Forum’s annual Global Competitiveness Report compared the “efficiency” of governments in 144 countries to calculate the overall efficiency of each country’s rulers. The report is out now and it put below listed countries at bottom of list.
WEF Top 10 Countries with Least efficient government in the world
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