The World Economic Forum has launched “The Global Competitiveness Report 2017-2018”. For the ninth consecutive year, the report’s Global Competitiveness Index (GCI) finds Switzerland to be the world’s most competitive economy, narrowly ahead of the United States and Singapore. Other G20 economies in the top 10 are Germany (5), the United Kingdom (8) and Japan (9). China is the highest ranking among the BRICS group of large emerging markets, moving up one rank to 27.
This year’s edition highlights that ten years on from the global financial crisis, economies remain at risk from further shock and are ill-prepared for the next wave of innovation and automation. A decade of data illustrates the importance of balancing flexibility with protection in labour markets and why big hoped-for gains in productivity from innovation have remained elusive.
“The Global Competitiveness Report” competitiveness ranking is based on the Global Competitiveness Index (GCI), which was introduced by the World Economic Forum in 2005. The Global Competitiveness Index (GCI) tracks the performance of close to 140 countries on 12 pillars of competitiveness. It assesses the factors and institutions identified by empirical and theoretical research as determining improvements in productivity, which in turn is the main determinant of long-term growth and an essential factor in economic growth and prosperity.
The full report can be found on the World Economic Forum webpage.