The United States is the most competitive economy in the world, followed by Switzerland, Denmark, Sweden and Germany, the World Economic Forum (WEF) said in its annual global competitiveness report on Wednesday.
The top 10 list also includes Finland, Singapore, Japan, Britain and the Netherlands, according to the report, which evaluated a total of 131 economies based on their performances in 12 major aspects, including institutions, macroeconomic stability, education, and innovation.
The United States confirms its top position in the world, because "it is endowed with a winning combination of highly sophisticated and innovative companies operating in very efficient factor markets," said the report.
"The country also benefits from an excellent university system and strong collaboration between the educational and business sectors in research and development," it said.
According to the report, Switzerland remains among the best performers in the global competitiveness ranking because the country "is characterized by an excellent capacity for innovation and a very sophisticated business culture."
The Nordic countries continue to hold privileged positions in the rankings due to their high-quality public institutions and excellent macroeconomic environment.
The report said China and India continue to lead the way among large developing economies, ranking the 34th and 48th positions respectively. Both countries have benefited greatly from their huge market size.
Chile, in the 26th position, is the highest ranked country in Latin America, followed by Mexico (52) and Costa Rica (63) respectively. Brazil claims the 72nd position.
Several countries in the Middle East and North Africa region are in the upper half of the rankings, led by Israel, Kuwait, Qatar, Tunisia and Saudi Arabia.
In sub-Saharan Africa, only South Africa and Mauritius feature in the top half of the rankings, with several countries from the region positioned at the very bottom.
Source: Xinhua
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