The ranking is based on four principal factors namely –
Economic Performance
Government Efficiency
Business Efficiency
Infrastructure
In Global Competitiveness Ranking 2016, Hong Kong (China) is at top position, followed by Switzerland and United States. Last year top rank was held by US. Venezuela ranks at the bottom of this list.
As report mentions the USA has surrendered its status as the world’s most competitive economy after being overtaken by China Hong Kong and Switzerland!
Among these 61 countries, 28 has improved their ranking including India, Hong Kong etc. 23 countries have slipped from their previous ranks ex. China, Switzerland etc. 10 countries have not changed their position.
Normally the Global Competitiveness Ranking is published in the month of May, and global investors refers it for their investment decisions. This report along with ‘Ease of Doing Business Report’ helps them in finding better opportunities.
Global Competitiveness Ranking 2016
(2) China Hong Kong(4) Switzerland(1) USA(3) Singapore(9) Sweden(8) Denmark(16) Ireland(15) Netherlands(7) Norway(5) Canada(6) Luxembourg(10) Germany(13) Qatar(11) Taiwan(12) UAE(17) New Zealand(18) Australia(19) United Kingdom(14) Malaysia(20) Finland(21) Israel(23) Belgium(24) Iceland(26) Austria(22) China Mainland(27) Japan(29) Czech Republic(30) Thailand(25) Korea Rep.(28) Lithuania(31) Estonia(32) France(33) Poland(37) Spain(38) Italy(35) Chile(43) Latvia(40) Turkey(36) Portugal(46) Slovak Republic(44) India(41) Philippines(49) Slovenia(45) Russia(39) Mexico(48) Hungary(34) Kazakhstan(42) Indonesia(47) Romania(55) Bulgaria(51) Colombia(53) South Africa(52) Jordan(54) Peru(59) Argentina(50) Greece(56) Brazil(58) Croatia(60) Ukraine(57) Mongolia(61) Venezuela
In its object, IMD-WCC mentions “the World Competitiveness Center helps businesses and governments highlight competitive advantages and uncover opportunities in offering a range of customized solutions.”
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