The latest World Economic Forum Global Competitiveness Index 2017-2018 ranks 137 economies by their ability to sustain inclusive growth. That’s growth that delivers positive change and benefits citizens and the environment.
Switzerland tops the overall ranking for the sixth year in a row, scoring highly on nearly every pillar of competitiveness. Its economy is resilient, its labour markets are strong and its people and businesses are good at absorbing new technologies. Swiss citizens benefit from high levels of public health and education, while Swiss businesses demonstrate high levels of sophistication and innovation.
The U.S. has recorded its best ever performance this year, landing second place. That’s up from third place last year and seventh when the rankings began. However, its position is far from secure. While the world’s largest economy scores highly for efficiency and innovation, it doesn’t score so well in the macro-economic pillar. The US also performs poorly on health and primary education.
Singapore has slipped one place this year to third. Despite a strong performance across the board - scoring in the top three in many pillars - rising government debt has dragged down its macro-economic score. That said, Singapore’s transport infrastructure, product and labour markets, and financial sector are all highly efficient.
India ranked 40.
The index looks at 12 pillars of competitiveness:
- Institutions
- Infrastructure
- Macro-economic Environment
- Health and Primary Education
- Higher Education and Training
- Goods Market Efficiency
- Labour Market Efficiency
- Financial Market Development
- Technological Readiness
- Market Size
- Business Sophistication
- Innovation
Access the entire report here.
