The most competitive countries in the world were announced by the World Economic Forum (WEF) on Tuesday, in its annual Global Competitiveness Report.
The ranking assesses almost 140 countries on a range of factors, from organised crime to redundancy costs to female participation in the labour force.
Countries then receive a score for 12 key “pillars” — including infrastructure, education and healthcare, labour market efficiency, and innovation — that then inform their overall competitiveness ranking.
“Governments, businesses and individuals are experiencing high levels of uncertainty as technology and geopolitical forces reshape the liberal economic and political order that has underpinned international relations and economic policy for the past 25 years,” writes Richard Samans, head of global agenda at the WEF.
“It remains critically important to monitor closely the factors that determine economic growth, which enables countries to offer more equal opportunities and higher living standards.”
Among the report’s findings are that, while emerging economies are becoming better at innovation, more can be done to spread benefits. Labour market flexibility and worker protection are also needed for competitiveness and shared prosperity.
“The emerging consensus is that economic growth once again needs to focus more on human well-being,” it says.
Below are the 12 countries that topped the ranking for most competitive in the world:
GDP per capita: $US53,744.
Best for: Higher education and training, 5th of 137 countries.
Most problematic factor for doing business: Tax rates.
GDP per capita: $US70,3912.
Best for: Macroeconomic environment, 1st of 137 countries.
Most problematic factor for doing business: Tax rates.
GDP per capita: $US43,169.
Best for: Institutions & Health, and Primary education, both 1st of 137 countries.
Most problematic factor for doing business: Restrictive labour regulations.
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GDP per capita: $US38,917.
Best for: Business sophistication, 3rd of 137 countries.
Most problematic factor for doing business: Restrictive labour regulations.
GDP per capita: $US40,096.
Best for: Technological readiness, 4th of 137 countries.
Most problematic factor for doing business: Tax regulations.
GDP per capita: $US51,165.
Best for: Macroeconomic environment, 4th of 137 countries.
Most problematic factor for doing business: Tax rates.
GDP per capita: $US43,528.
Best for: Infrastructure, 1st of 137 countries.
Most problematic factor for doing business: An insufficient capacity to innovate.
GDP per capita: $US41,902.
Best for: Market size, Business sophistication, and Innovation, all 5th of 137 countries.
Most problematic factor for doing business: Tax rates.
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GDP per capita: $US42,283.
Best for: Infrastructure, and Technological readiness, both 3rd of 137 countries.
Most problematic factor for doing business: Restrictive labour regulations.
GDP per capita: $US52,961.
Best for: Higher education and training, and Goods market efficiency, both 1st of 137 countries.
Most problematic factor for doing business: Restrictive labour regulations.
GDP per capita: $US57,436.
Best for: Financial market development, Market size, Business sophistication, and Innovation, all 2nd of 137 countries.
Most problematic factor for doing business: Tax rates.
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GDP per capita: $US79,242.
Best for: Labour market efficiency, Business sophistication and Innovation, all 1st of 137 countries.
Most problematic factor for doing business: Inefficient government bureaucracy.
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