The World Economic Forum recently released the 35th edition of the Annual Global Competitiveness Index, which ranks the competitiveness of 144 economies.
The World Economic Forum recently released the 35th edition of the Annual Global Competitiveness Index, which ranks the competitiveness of 144 economies, based on various economic factors such as infrastructure, education and institution, providing insight into the drivers of their efficiency and prosperity.
Switzerland led the index and Singapore ranked second for a fourth consecutive year, while China moved up one position to 28th, a full 40 places ahead of regional economic rival India. Japan rose to sixth position from the ninth in the previous year which is the largest improvement in the top 10 this year. This is due to small rises across the board and continued strength in business sophistication and innovation.
The different aspects of competitiveness are assessed in 12 areas, this edition has emphasised the need within a country for innovation and skills to drive economic growth. While such factors influence competitiveness, and the global economy slowly recovers from a recession, significant economic risks remain. It is therefore important to address issues such as rising income inequality and the potential tightening of financial conditions. This will ensure a more sustainable and inclusive growth in the future.