Economy

The UK economy is at its most competitive for a decade

The UK economy is at its most competitive for a decade”

Serbia ranks 78th out of 138 countries in the World Economic Forum's 2017 Global Competitiveness Index (GCI) after moving up 12 positions from previous year, the Serbian Association of Managers (SAM) announced on Wednesday.

The latest ranking also revealed that Malaysia has overtaken Ireland and Qatar, while remaining ahead of economies such as South Korea, Iceland, China and Estonia.

Greece ranks 87th among the 137 countries included in the World Economic Forum's 2017-2018 Global Competitiveness Report made available Wednesday.

According to the World Economic Forum's Global Competitiveness Report, the overall "competitiveness" score of the United Kingdom economy increased from 5.49 to 5.50 out of 7, reaching the highest level since the index was launched in 2007.

Overall, Switzerland was ranked as the world's most competitive country with US, Singapore, the Netherlands and Germany completing the top five.

The WEF index is based on 12 basic factors - institutions, infrastructure, the macroeconomic environment, health, education, market efficiency, the labour market, financial market development, technological capacity, market size, innovation and business sophistication. Malta ranked high in the areas of higher education and training (30th), labour market efficiency (29th), business sophistication (31st), and innovation (38th).

As per the report, corruption, lack of access to financing and tax regulations remain the prime problems for setting up business in India. The country has stable institutions (27th), good-quality infrastructure (29th), and the largest market in the Arab world (15th).

The body that organises the annual gathering of the global elite in Davos each January used its annual league table of competitiveness to stress that the failure to push through growth and productivity-friendly policies since the crash of 2007-08 had jeopardised chances of a sustained recovery.

The report also warns that the macroeconomic environment could become an "important constraint in the future as the timeline for a reduction of the fiscal deficit is repeatedly pushed back". Bhutan was at 82nd position and second most competitive economy in South Asia, followed by Sri Lanka 85, Nepal 88 and Bangladesh 99. The other two are Singapore, which fell one place to third since the last edition of the index, and Japan, down one place to ninth.

What country is the most competitive?

Brand South Africa CEO Dr Kingsley Makhubela says as a nation, there are several lessons to take from the WEF report indicators.

Despite the slip in the rankings, Ireland is outpacing the rest of Europe and the United States when it comes to technological readiness, making us one of the most connected economies in the world.



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