Britain Now Ranked As World’s 9th Most Competitive Country
The UK has moved up one place, to overtake Sweden, and become the world’s ninth most competitive economy, according to the Global Competitiveness Report 2014-2015 which assessed 144 economies.
Each year, the World Economic Forum analyses the national competitiveness of economies. The data collected from this is used to provide us with a comparative picture of what is driving our economy, whilst also identifying how we can keep the world on the path of sustained growth.
Switzerland and Singapore have retained their top positions, taking first and second place. Whilst the United States has climbed up two places to take the third position, followed by Finland, Germany & Japan. (see map below for the rankings of all 144 economies).
The report said of the top-ranked countries, “The leading economies in the index all possess a track record in developing, accessing and utilising available talent, as well as in making investments that boost innovation.”
“Competitiveness demands flexibility, choice and openness – or Europe will fetch up in a no-man’s land between the rising economies of Asia and market-driven North America.” David Cameron. 2013
What is the Global Competitiveness Report?
3 Key Findings by the World Economic Forum:
- Monetary policy has powerfully driven the economy so far but sustaining this trend and secure long-term growth will require structural reforms across a number of areas and it was also noted that the progress in this field has been uneven to date.
- Smart investments in skills and innovation are all needed in order to ensure that competitiveness is strengthened going forward but also to ensure that every person can participate in, contribute to and benefit from the economic progress. The economies that consistently rank well are those that develop, attract and retain talent, and constantly introduce new and higher value-added products and services into the market.
- The private sector has a key role to play in enhancing competitiveness. It needs to collaborate more with governments and the civil society to ensure that the measures that are taken are really effective and enhance the productivity and competitiveness. This calls for strong public and private leadership, a clear vision and effective and ongoing communication to build trust between all parties.
The Global Competitiveness Heat Map.
Hover over the map below to find out the individual rankings of each country and use the colour code to identify who the top performers are against those at the lower end of the table.
5 Most Problematic Factors For Doing Business in the EU*.
- Red tape
- Access to finance
- Tax rates
- Labour regulations
- Tax regulations
*Based on the results of the World Economic Forum’s Executive Opinion Survey 2014.
Read the report in full: Global Competitiveness Report 2014–2015.
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