Switzerland remained at first position in global competitiveness ranking

Switzerland ranked the most competitive economy for the eighth consecutive year, ahead of Singapore and the United States. According to WEF, the latest survey results showed a 10-year decline in the openness of economies at all stages of development, which posed risks to countries’ ability to grow and innovate.

"Switzerland arguably possesses one of the world's most fertile innovation ecosystems, combining a very conducive policy environment and infrastructure, academic excellence, an unmatched capacity to attract the best talent, and large multinationals that are often leaders in their sector as well as a dense network of small- and medium-sized enterprises," WEF said in its report.

It achieved top marks in four of the 11 criteria: labour market efficiency, business sophistication, innovation and technological readiness. “Declining openness in the global economy is harming competitiveness and making it harder for leaders to drive sustainable, inclusive growth,” said Klaus Schwab, founder of the forum.

The Global Competitiveness Report 2016-2017 is an annual assessment of the factors driving productivity and prosperity in 138 countries. The degree to which economies are open to international trade in goods and services is directly linked to both economic growth and a nation’s innovative potential, WEF said.

2016 Global Competitiveness Index (GCI) top 10 (2015 ranking in brackets)

1 (1) Switzerland 
2 (2) Singapore 
3 (3) United States 
4 (5) Netherlands 
5 (4) Germany 
6 (9) Sweden 
7 (10) Britain
8 (6) Japan 
9 (7) Hong Kong 
10 (8) Finland 

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