U.S. regains title of world's most competitive economy

Pauline Gross
October 18, 2018

The report measures national competitiveness - defined as the set of institutions, policies and factors that determine the level of productivity.

That is still a far cry from what WEF considers the optimal conditions for a competitive economy, but well above the global average of 60 points.

The causal link from productivity to growth and income is firmly grounded in theory and has been established empirically. The two main components measured in this pillar are inflation and "Debt dynamics", the latter of which refers to the "sustainability of public finance". Creative capacity reached the lowest score with just 33 points but still ranked 82nd out of 140 countries. The country also scored 51 in Health, 40 in Skills, 52 in product Market and 59 out of 100 in Labour Market.

The report emphasizes the importance of trade openness for global competitiveness, saying that the "data suggests that global economic health would be positively impacted by a return to greater openness and integration" whilst also cautioning that new policies are needed for those adversely affected by globalization.

Widening inequality gap which has seen more and more Nigerians fall into absolute poverty in the last one year.

Low level of ICT due low investment in technology, which was feasible in the pillar rankings, where the country got its lowest score of 26 out of 100 in ICT Adoption.

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She said the group was gutted by the deeply regrettable consequences of government's failure in preventing her death. The ICRC said [Liman] was a "sociable, dynamic and enthusiastic woman who was much loved by family and friends".

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The most populous African nation scored 42 in Institutions pillar to place 127, also scored 42 in Infrastructures to place 124, 56 in macroeconomic Stability to place 130 out of 140 countries. Switzerland is ranked first in terms of the ability to reskill and retrain its workforce, while Germany is supposedly the best when it comes to mastering the innovation process in business.

Indicators such as quality of research institutions saw a drop in their score from last 2017 but other areas such as scientific publications and diversity of workforce saw an increase in their scores from a year ago.

The Netherlands has gone down from fourth to sixth place after being overtaken by Germany and Japan, the latest edition of the rankings show. Greece's overall competitiveness marks this year come to 62.1 out of 100 - marginally higher than last year's 61.8 points.

The sheer size of its $1-trillion economy and its macroeconomic stability remain Indonesia's biggest drivers for competitiveness.

However, the country lacks innovation capability, particularly in research and development activities.

Yet there are bright spots-in the form of economies that outperform their peers and present valuable case studies for learning more about methods to implement the factors of competitiveness.

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