Tuesday, October 13, 2015

The world’s top 10 most competitive economies - Singapore is No. 2

By Margareta Drzeniek Hanouz Sep 29, 2015

The Global Competitiveness Report 2015-2016 assesses the competitiveness of 140 world economies. Using a mixture of quantitative and survey data, it ranks countries overall by combining 113 indicators grouped under 12 pillars of competitiveness: institutions; infrastructure; macroeconomic environment; health and primary education; higher education and training; goods market efficiency; labour market efficiency; financial market development; technological readiness; market size; business sophistication; and innovation.

Switzerland tops the Global Competitiveness Index for the seventh year in a row. It leads the world in its capacity to innovate and scores highly for its education system and labour market efficiency. Switzerland’s infrastructure is strong, its public institutions are effective and transparent, and its macroeconomic environment is more stable than most. Still, the cost of doing business in Switzerland is high – and its strong currency, negative real interest rates and uncertainty about future immigration policy are all cautions against complacency.

Singapore beats everyone but Switzerland for the fifth consecutive year. Its competitiveness is broad-based – it scores in the top 10 in nine out of the 12 pillars. Its particular strengths are the efficiency of its goods, labour and financial markets and the quality of its higher education and training system. It also scores strongly for its infrastructure, macroeconomic stability and the transparency and efficiency of institutions. Areas for improvement include a relatively low rate of participation of women in the workforce.

The United States holds steady in third place. The foundations for its competitiveness include human capital, sophisticated businesses and capacity for innovation, with high levels of spending on research and development and good collaboration between the private sector and academia. It has improved in the last year on measures of government efficiency and the soundness of its financial markets – but the expected phase-out of accommodative monetary policy will test improvements in macroeconomic stability. The US must also avoid complacency on education – the country ranks 18th for quality of education and improvements are required for the nation to remain a talent-driven economy.



Global Competitiveness Report 2015-2016 video


The Global Competitiveness Report 2015-2016 is available here

Read the complete article here:

World Economic Forum 
https://agenda.weforum.org/2015/09/the-worlds-top-10-most-competitive-economies/?utm_content=buffer4d2d5&utm_medium=social&utm_source=facebook.com&utm_campaign=buffer




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