The World Economic Forum (WEF) has just released its annual study on the competitiveness of the global economy. One of the most important takeaways is an index ranking assessing the microeconomic and macroeconomic foundations of national competitiveness. WEF defines national competitiveness as the set of institutions, policies and factors that determine the level of productivity of a country.
The core finding of the research this year is how economic competitiveness is evolving and changing in a world that is being transformed by new digital technology. As a result, there are major risks for governments and business who are failing to adapt to and overcome current technological challenges.
USA came first for national competitiveness, scoring 85.6 out of 100. WEF also mentioned that the world’s most competitive economies also have room to improve and USA is no exception. Singapore came second with a score of 85.6, while Germany rounded off the top-three with 82.8. It is a shame that India is not in the Top 30, and was beaten by countries such as Taiwan, Iceland, Luxembourg, Malaysia, Czech Republic and Qatar.