UK climbs in global competitiveness rankings
Britain has moved up the rankings on the global competitiveness league, according to the World Economic Forum (WEA). The UK is ranked in 10th position in the 2011 table, up from 12th last year. The strengths of Britain were judged to be an efficient labour market, a sophisticated and innovative business sector and a large domestic market. The weaknesses identified were a large budget deficit and rising public debt.
Click HERE to upload graphic (44k jpg)
The most competitive nation in the world was, again, felt by the WEA to be Switzerland, which was singled out for its high university enrolment rate of 49.4 per cent, its well-developed financial markets and "excellent" infrastructure.
Singapore was rated as the most competitive Asian nation, coming second in the rankings, up from third last year. The Asian city state was praised for its lack of corruption and effective government. The rise of Singapore was part of a trend that shows emerging economies closing the competitiveness gap with OECD countries.
China, now the world's second-largest economy, climbed one place in the rankings to 26 and is praised for its savings rate of some 53 per cent of GDP and moderate budget deficits. Brazil (53) and South Africa (50) also moved upwards in the rankings.
India (56) and Russia (66), however, experienced declines. India is criticised for its deficient transport and energy infrastructure. The report advises Russia to strengthen the rule of law and the protection of property rights. Of the developed nations, the United States and Germany fell one place in the table, to fifth and sixth respectively. The WEA index analyses economies over 12 categories, including infrastructure, macroeconomic environment, education, labour-market efficiency, technological readiness, market size and business innovation.
One of the report's authors, Xavier Sala-i-Martin, Professor of Economics at Columbia University, said: "Amid re-emerging concerns about the global economic outlook, policy-makers must not lose sight of long-term competitiveness fundamentals. For the recovery to be put on a more stable footing, emerging and developing economies must ensure that growth is based on productivity enhancements."
The least competitive economy out of the 142 analysed was judged to be Chad.
Revealed: Stunning new images show gold-plated, ultra-luxurious Riyadh metro station that Saudi king has ordered to be built
World news in pictures
Far-right French historian, 78-year-old Dominique Venner, commits suicide in Notre Dame in protest against gay marriage
Oklahoma tornado latest: Obama pledges support for 'as long as it takes' to rebuild the suburb of Moore
Video emerges of Pope Francis reportedly performing an exorcism
- 1 Gay couple beaten in park urge MPs to moderate language on gay marriage
- 2 Swedes set up 'ultimate Viking movie'
- 3 After woman sells virginity for $780,000, here are the results of our prostitution survey
- 4 China agrees to impose carbon targets by 2016
- 5 Far-right French historian, 78-year-old Dominique Venner, commits suicide in Notre Dame in protest against gay marriage
BMF is the UK’s biggest and best loved outdoor fitness classes
Find out what The Independent's resident travel expert has to say about one of the most beautiful small cities in the world
Win anything from gadgets to five-star holidays on our competitions and offers page.
iJobs Money & Business
£850 - £1000 per day: Orgtel: Programme Change Manager - Banking - London - £8...
£180 - £230 per day: Orgtel: Operations Analyst - Leading Bank in the City of ...
£500 per day: Orgtel: A top tier banking client urgently requires Finance Busi...
£425 - £550 per day: Orgtel: Senior Finance Project Manager - £550 - Bristol -...