World Economic Forum: United Kingdom competiveness drops behind peers

The largest improvement in Serbia’s macroeconomic indicators was recorded for inflation, the NBS said, quoting the WEF Global Competitiveness Report 2014-2015.

Russian Federation occupied the second highest position among BRICS countries, at 45.

The country ranked 107 this year, from last year’s position 109, among 140 countries in the world, Xinhua news agency cited WEF report as saying.

The Global Competitive Index includes statistical data from internationally recognized agencies, notably the International Monetary Fund, UNESCO and the WHO as well as data from the World Economic Forum’s annual Executive Opinion Survey on concepts that require a more qualitative assessment, or for which comprehensive and internationally comparable statistical data are not available. “In Asia, three economies – Singapore, Japan and Hong Kong appear in the top ten; the ASEAN bloc continues to perform strongly and China holds steady on 28th”, a statement from the World Economic Forum said.

Worldwide Trade and Industry Minister Datuk Seri Mustapa Mohamed said this was the country’s highest ranking since 2005, proving the effectiveness of the Government Transformation Programme and the Economic Transformation Programme.

“A tool used to measure national competitiveness, the global competitiveness index, is a composite index calculated based on 12 competitiveness pillars”.

“However, there are bright spots: India ends five years of decline with a spectacular 16-place jump to 55th”.

The WEF urged policymakers to implement “productivity-enhancing reforms” to avoid low growth becoming entrenched.

The list of Top 10 countries remains unchanged but the rankings of few countries have changed. “Our focus is firmly fixed on increasing productivity”.

Africa’s most developed economy also ranked bottom in its education system. “This ranking is also an endorsement of the progress we have made in enhancing efficiency and competitiveness through the Government Transformation Programme and the Economic Transformation Programme”.

Ireland scores well in the rankings for political and legal institutions and performs relatively well for its provision of health and primary education and higher education and training.

Meanwhile, the first place in the GCI rankings was bagged by Switzerland, for the seventh consecutive year.