The Global Competitiveness Report 2019 has recently been released by the World Economic Forum (WEF). Updated annually, this is the year 40 of the series. The competitiveness landscape of 141 economies through 103 indicators organized into 12 themes is mapped. These themes (pillars), which cover broad socio-economic elements are: institutions, infrastructure, ICT adoption, macroeconomic stability, health, skills, product market, labour market, the financial system, market size, business dynamism and innovation capability. Of this year’s report, WEF state: “The Global Competitiveness Report 2019 reveals an average across the 141 economies covered of 61 points. This is almost 40 points short of the ‘frontier.’ It is a global competitiveness gap that is particularly concerning, given the world economy faces the prospect of a downturn.”
Best In Class Highlights (directly quoted)
- With a score of 84.8 out of 100, Singapore is the country closest to the frontier of competitiveness
- Other G20 economies in the top 10 include the United States (2nd), Japan (6th), Germany (7th) and the United Kingdom (9th) while Argentina (83rd, down two places) is the lowest ranked among G20 countries
- Asia-Pacific is the most competitive region in the world, followed closely by Europe and North America
- The United States may have lost out to Singapore overall, but it remains an innovation powerhouse, ranking 1st on the business dynamism pillar, 2nd on innovation capability, and 1st for finding skilled employees
- Nordic countries are among the world’s most technologically advanced, innovative and dynamic while also providing better living conditions and social protection
- Denmark, Uruguay and Zimbabwe have increased their shares of renewable sources of energy significantly more than other countries at their respective levels of competitiveness
Download the full report here.
