Sweden takes over United Kingdom to rank 9th in the global competitiveness index. Switzerland and Singapore holds the 1st and 2nd position, as revealed by the World Economic Forum (WEF). The countries are assessed by the WEF on more than 100 indicators, ranging from labour market flexibility to infrastructural quality.
Commenting on UK’s drop in ranking, Margareta Drzeniek-Hanouz, the lead economist at WEF said that even though both UK and Sweden made progress in the last 12 months, Sweden improved more significantly in the field of business sophistication. The UK fell short because of the difficulty for businesses in procuring loans and the fragile state of public finances.
The report says:
Where the country falls short is in its macroeconomic environment, where government debt and the budget deficit conspire to place it 108th out of 140 countries. It could do better, too, with the quality of its education system (21st) and maths and science in particular (46th) – both long term problems.
India jumped up 16 places to rank at the 55th position.
Commenting on the global scenario, the report issued a warning that “a ‘new normal’ of suppressed economic and productivity growth and persistently high unemployment is damaging resilience and leaving the world vulnerable to another protracted slump”, calling countries to accelerate economic growth.
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