Switzerland remains most competitive economy in the world

The World Economic Forum (WEF) published the 2017-2018 edition of its Global Competiveness Report this week. For the ninth consecutive year, Switzerland ranks as most competitive nation in the world, followed by the United States and Singapore. The country’s strong suit are its innovative power, strong education system and a flexible labor market.

Two young researchers at Innovation Park Basel
Switzerland receives outstanding grades in absorbing new technologies (picture: Switzerland Innovation Park Basel).

The latest edition of the Global Competitiveness Report, published yearly by the WEF, ranks 137 nations by their ability to grow in a sustainable way. The categories include innovation, infrastructure as well as the macroeconomic environment.

High capacity of absorbing new technologies

With scoring highly in almost all of the categories, Switzerland remains the indisputable leader of the ranking. The high results are evenly balanced across all categories of competitiveness. The country’s economy is resilient, its labor market strong and flexible, and the business environment highly sophisticated and innovative.

Switzerland also receives outstanding grades in absorbing new technologies and ranks 2nd in the tech readiness of its citizens and businesses (read also Switzerland tops Change Readiness Index).

Furthermore, Swiss citizens benefit from a solid public health system and excellent education. The country even improved in the categories health and primary education, climbing from eigth to second place.

Talents increasingly important

According to Klaus Schwab, Founder and Executive Chairman of the WEF, competitiveness will be more and more defined by the innovative capacity of a country. “Talents will become increasingly more important than capital and therefore the world is moving from the age of capitalism into the age of talentism. Countries preparing for the Fourth Industrial Revolution and simultaneously strengthening their political, economic and social systems will be the winners in the competitive race of the future,” he concludes.

Switzerland is well prepared - it also leads the list in competing for talent in a global market. Those were the findings of the Global Talent Competitive Index (GTCI) released by INSEAD earlier this year (read also Switzerland ranks first in global talent competitiveness).

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