Report: The 10 most competitive economies in the world

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The Global Competitiveness Report 2015-2016 assesses the competitiveness of 140 world economies including the ones of the USA, Russia, UK, Singapore and Cyprus.
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According to the most recent Global Competitiveness Report (in 2015-2016) the Swiss economy is assessed as the most competitive among 140 world economies, for the seventh year in a row.

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 & primary education; higher education & training; goods market efficiency; labour market efficiency; financial market development; technological readiness; market size; business sophistication & innovation.

Singapore ranks 2nd for a fifth consecutive year. Its competitiveness is broad-based, it scores in the top 10 in nine out of the twelve pillars. Its particular strengths are the efficiency of its goods, labour, financial markets and the quality of its Higher Education. It also scores strongly for its Infrastructure, macroeconomic stability and the transparency and efficiency of Institutions.

The United States are the holders of the 3rd place. They have improved in the last year on measures of Government Efficiency and the soundness of its Financial Markets, but need improvement in the Macroeconomic Environment, Health and Primary Education.

The United Kingdom is ranking 10th despite the many areas’ improvements. Its strengths include solid Institutions and some of the best Universities in the world. The country’s weak spots include its macroeconomic environment, with high government deficits meaning the public debt has doubled since 2007. The UK’s financial market still needs to recover further from the crisis.

Far below the top 10, the Russian Federation holds the 45th place. Russia performs poorly in many pillars including the Institutions, the efficiency in goods, the financial market development, the business sophistication and innovation.

Cyprus, finally, is even lower, ranking 65th scoring good results in the pillars of health, education and goods market efficiency. Cyprus is required to improve a lot concerning the national debt, the trustworthiness and efficiency of its financial market & Exports sector.