In the annual rankings compiled by the IMD World Competitiveness Center, Switzerland is taking the second spot again, shortly after Hong Kong at the top, and followed by Singapore (3rd), the U.S. (4th) and the Netherlands (5th). The IMD World Competitiveness Center has ranked 63 countries this year, comparing relative strengths ranging from the economy to political stability, health, education and the environment.
Switzerland’s strengths lie in a solid governance, flexible labor laws and top-ranked education system and research capabilities. A survey of company executives valued Switzerland mostly for its political stability, education, skilled workforce, reliable infrastructure and a competitive tax system.
8th place in new Digital Competitiveness Ranking
For the first time, IMD published a separate Digital Competitiveness ranking, putting Switzerland among the top ten (8th). “Of paramount importance in the digital ranking are issues related to how adaptive and agile economies are when faced with technological change,” report author Arturo Bris said in a statement. The new Digital Competitiveness Ranking measures countries’ ability to adopt digital technologies leading to transformation in government practices, business models and society in general.
Continuous attractiveness of the alpine state
Switzerland continues to appear among the top three in competitiveness rankings. According to IMD, the continuous attractiveness of the small country in the middle of Europe can be attributed to several significant factors:
- A top education system and talent availability
- Political stability based on a reliable legal system
- Access to finance (particularly for SMEs)
- A business-friendly regulatory framework that encourages entrepreneurship
- Existing corporate taxes (compared to rates in Germany, Japan and the USA)
- Investments in infrastructure that lead to an increasing connectivity
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