The World Economic Forum (WEF) released its Global Competitiveness Report 2016 at the annual WEF meeting in Davos, on 28th September.
Switzerland, Singapore and the United States remain the world’s most competitive economies among the 138 economies covered by the report. Switzerland has been on top eight years in a row. The countries were ranked according to the “12 pillars of competitiveness,” which include social system, infrastructure, health and education, market size, macro-economic environment, labor market efficiency, transparency of government and others. In particular, Switzerland performed well on innovation, business environment and labor market efficiency.
Japan dropped two places and was ranked 8th. China, ranked 28th overall, continuous to hold the top ranking among the BRICS.