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Switzerland boosts competitiveness

Switzerland has been ranked as the world’s fourth most competitive economy. It has therefore moved up one position in the ranking compiled by the IMD business school in Lausanne. The country scored particularly well for the quality of its infrastructure.

IMD
Switzerland has been ranked as the world’s fourth most competitive economy by IMD. Image Credit: IMD

The IMD business school in Lausanne has published the World Competitiveness Ranking 2019. Switzerland has been ranked fourth worldwide and therefore moved up one spot on the previous year’s position. Singapore has climbed to number one this year, toppling the USA from the top spot. The USA is consequently now at number three, with Hong Kong a non-mover at two.

Switzerland scores with quality and stability

Switzerland owes its strong positioning to the good quality of its infrastructure. In this category, the country is second in the world. It also performed well in the government efficiency category (number four). According to a press release from the IMD business school, the good placement is also owed to economic growth and the stability of the Swiss franc. Furthermore Switzerland ranked top for university and management education, health services and quality of life.

Good institutions enable prosperity

“In a year of high uncertainty in global markets due to rapid changes in the international political landscape as well as trade relations, the quality of institutions seem to be the unifying element for increasing prosperity,” said Arturo Bris, Professor at the IMD business school and Director of the IMD World Competitiveness Center. “A strong institutional framework provides the stability for business to invest and innovate, ensuring a higher quality of life for citizens.”

According to economists at the IMD business school, competitiveness is vital for the long-term health of a country’s economy, as it empowers businesses to achieve sustainable growth, generate jobs and, ultimately, enhance the welfare of citizens.

The World Competitiveness Ranking has been compiled by the IMD business school since 1989. It is currently based on 235 indicators and incorporates 63 countries.

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