Switzerland dominates in Global Competitiveness Report

The World Economic Forum has released its annual Global Competitiveness Report, which assesses the competitiveness of 144 economies, providing insight into the drivers of their productivity and prosperity. Amongst the ‘pillars’ that the 144 countries are measured against, are: infrastructure, macroeconomic environment, higher education, labour market efficiency, financial market development, market size, business sophistication and innovation.
It is very little surprise that Switzerland is at the top of the table, having been the leader in the report for the past 5 years and ranking in the top 10 for eight of the twelve pillars. Main contributing factors to the country’s success in the rankings, are the reputable academic institutions, high spending on R&D and strong links between the academic and business worlds, making it a top innovator. Productivity is further enhanced by a business sector that consistently offers excellent on-the-job-training opportunities. The report also suggests that the only potential threat to Switzerland’s success would be the increased difficulty that is being faced by businesses and research institutions to find the talent they require to preserve their capacity to innovate, making it an ideal time for expats moving to Switzerland to find jobs in the R&D and business sectors.
Singapore is another consistent performer, having ranked second place overall on the table for the 4th consecutive year. Singapore is also the only economy to feature in the top 3 places in 7 out of the 12 pillars, including ranking second for labour market efficiency and financial market development. Singapore looks to bolster future development by placing a heavy investment in education and training.
Sitting just behind Singapore in third place is the United States, having gone up in the rankings for the second year in a row after making improvements in certain areas, such as institutional framework and innovation. The USA’s performance is enhanced by an excellent University system that collaborates extensively with the business sector, especially when it comes to R&D, as well as having the largest domestic economy in the world. Despite a lack of trust in politicians, in particular how the government spends its resources, the United States continues to be one of the most innovative countries in the world and is an ideal destination for expats considering moving abroad.
The Global Competitiveness Report’s competitiveness ranking is based on the Global Competitiveness Index (GCI), which was introduced by the World Economic Forum in 2004 and runs alongside numerous other reports by the WEF relating to international business development. To read the full report, click here.
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Information correct at time of publication