The World Economic Forum’s Global Competitiveness Report 2014-2015 is out. This insightful report offers a telling glance into the overall performance of 144 economies across the world, by examining the level of productivity and economic prosperity within each nation.
Why does this matter?
Reports such as this pinpoint how economies are faring on a global scale, taking crucial measures such as innovation, talent development and institutional strength into account.
For business centre and flexible workspace operators across the world, these are expressive signs of the strength – and prospective growth – of your own economies. And, should you be considering expansion into a new geographical location or even an emerging market, this report could provide further evidence to help strengthen your cause. Or indeed, to dissuade it.
Ultimately, the report finds that the leading economies in the index – the top 10 is shown below – all possess a “track record in developing, accessing and utilising available talent, as well as in making investments that boost innovation”. It cites “strong collaboration” between the public and private sectors as a key enabler for smart and targeted investments.
The report ranks Switzerland as the most competitive global economy, with the US and Japan moving up in the rankings for the second year in a row. The UK finished 9th.
Digging deeper into the overall conclusions drawn by the WEF, the following summaries have been obtained from a WEF overview. For further details, read the report in full here: World Economic Forum: The Global Competitiveness Report 2014–2015
- Europe: Several countries that were severely hit by the economic crisis, such as Spain (35th), Portugal (36th) and Greece (81st), have taken “significant strides” to improve their markets. In contrast, the report found that France (23rd) and Italy (49th) “appear not to have fully engaged in this process”.
- Emerging Markets: Saudi Arabia (24th), Turkey (45th), South Africa (56th), Brazil (57th), Mexico (61st), India (71st) and Nigeria (127th) all fell in the rankings. China (28th), on the contrary, rose one position and remains the highest ranked BRICS economy.
- Asia: WEF notes that the contrasting fortunes of Asian economies is “remarkable”. With Singapore 2nd, the region’s five largest countries – Malaysia (20th), Thailand (31st), Indonesia (34th), the Philippines (52th) and Vietnam (68th) – all progressed in the rankings. However by comparison, it found that South Asian nations “lag behind”, with only India featuring in the top half of the rankings.
- Latin America: While the report notes that Latin America’s major economies are still in need of reform and improvements in infrastructure, skills and innovation, it states that it is working to build on “the economic momentum of past years”. Chile (33rd) leads the regional rankings ahead of Panama (48th) and Costa Rica (51st).
- Middle East and North Africa: With United Arab Emirates (12th) and Qatar (16th), the WEF notes that “their strong performances contrast starkly with countries in North Africa”, where the highest placed country is Morocco (72nd), citing geopolitical instability as a major factor.
- Sub-Saharan Africa: The WEF found “impressive growth” with three sub-Saharan economies – Mauritius (39th), South Africa (56th) and Rwanda (62nd) – scoring in the top half of the rankings.