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November 2018
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Wednesday, 17 October 2018 11:00

U.S. tops competitiveness rankings, WEF

U.S. tops competitiveness rankings, WEF

How well countries adapt to the Fourth Industrial Revolution (4IR) will determine whether they ‘thrive’ or ‘stagnate’, according to the latest version of the World Economic Forum’s Global Competitiveness Report. The new index measures 140 economies against 98 indicators, organized into 12 ‘pillars’ or drivers of productivity, to determine how close the economy is to the ideal state or ‘frontier’ of competitiveness, Caspian Energy News (www.caspianenergy.net) reports with reference to WEF.

The US topped the rankings, being ‘closest to the competitiveness frontier’, with Singapore, Germany, Switzerland and Japan, completing the top five. At the other end of the scale, Haiti, Yemen and Chad were found to be the least competitive economies.

The US scored 85.6 out of 100 to top the index, coming in the top three for seven of the 12 pillars. Its entrepreneurial culture saw it score highly in the business dynamism pillar. It also scored highly for its labour market and financial system.

The top 11 countries all score above 80 points for competitiveness. Second-placed Singapore (83.5) is defined by its high score for openness and it leads the way for infrastructure, with a near-perfect score of 95.7 for its world-beating transport system.

Germany, in third place, is the highest placed European economy for competitiveness, with particular strength in innovation capability (first place, with 88), business dynamism (82, second behind the US) and health (94).

More details: https://www.weforum.org/agenda/2018/10/most-competitive-economies-global-competitiveness-report-2018/

Person in charge of the newsline: Olga Nagiyeva 

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