Published: Thu, October 18, 2018
Global News | By Stacy Ballard

US regains title of world's most competitive economy

US regains title of world's most competitive economy

Singapore (83.5), Germany (82.8), Switzerland (82.6) and Japan (82.5) make up the rest of the top 5.

Under the newly introduced Global Competitiveness Index 4.0, Indonesia has a score of 64.9 points and is ranked at 45th, up two places compared to the previous index.

In last year's report Greece had appeared to be in 87th position among 135 countries, but the WEF has since updated its methodology, applying it in this year's report and adjusting last year's.

The Journal noted that the warning cited "a brewing trade war between the USA and China as a possible hindrance to growth that could potentially derail the recovery and deter investment".

According to the organization, a new methodology was used to reflect changes "in a world increasingly transformed by new, digital technologies". The WEF - which runs the annual Davos forum - ranks 140 countries on a scale from 0 to 100 in its annual Global Competitiveness Index.

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The US took the top slot with a score of 85.6, buoyed by its capacity for innovation, evident in its high scores in business dynamism and entrepreneurial culture.

Nigeria with an overall score of 47.6 out of a total score of 100 placed 115th out of 140 countries analysed in the GCI report.

Taiwan's financial system also ranked in the top 10 with a 7th place finish.

Switzerland was previously at number one in multiple WEF competitiveness reports. For example, while Singapore might be the most "future-ready" economy, Finland outdoes it for having a digitally skilled workforce.

In terms of innovation capability, India stood as the second best country while Pakistan followed far behind at the 7th rank. Germany was third, notable for its macroeconomic stability.

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WEF founder Klaus Schwab cited understanding and openness to new technologies as fundamental to a country's competitiveness.

"With this report, the World Economic Forum proposes an approach to assess how well countries are performing against this new criterion".

"The Fourth Industrial Revolution has become a living reality for millions of people around the world and is creating new opportunities for business, government and individuals".

The report also weighs in on the now in-vogue topics of trade tensions and the ongoing backlash against globalization visited in several recent election results.

Prevalent issues like weak Infrastructures like inadequate power supply, health, education, poor transport network etc. "It is possible to be pro-growth and inclusive at the same time". With the Fourth Industrial Revolution in full swing, there is a need to rethink the drivers of competitiveness and therefore of long-term growth.

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