World Economic Forum (WEF) released the most competitive economies in the world with Switzerland leading the pack.
WEF ranked 144 nation economies worldwide based on three classifications that depend on their stage of development. A country's competitiveness is defined by "set of institutions, policies, and factors that determine the level of productivity of a country," according to the Global Competitiveness Report.
The nations fall into three categories. The first category include economies who are factor-driven. These are the often developing countries who rely on natural resources and low-skilled labor. More developed nations focus on economic growth by prioritizing increase in production efficiency. As for the most developed countries, they are the ones who are most innovation-driven, who rely development in innovation and technology for economic growth.
There's a correlation between a country's competitiveness and economic development with its Gross Domestic Product (GDP). The 10 countries with the best economies are among last year's top 25 nations with the highest GDP per capita.
Director and lead economist of the Global Competitiveness and Benchmarking Network for the World Economic Forum, Margareta Drzeniek, said that they tried to see which countries drive growth in the economies and the strengths and weaknesses of each. Drzniek said that good institutions and education contribute in a nation's development. These institutions pave the way to distribute the benefits and bear the costs of the booming economy.
Below are the ten most competitive companies worldwide.
Switzerland (GCI score (1-7): 5.704)
Singapore (GCI score (1-7): 5.645)
United States (GCI score (1-7): 5.544)
Finland (GCI score (1-7): 5.501)
Germany (GCI score (1-7): 5.488)
Japan (GCI score (1-7): 5.473)
Hong Kong SAR (GCI score (1-7): 5.456)
Netherlands (GCI score (1-7): 5.454)
United Kingdom (GCI score (1-7): 5.415)
Sweden (GCI score (1-7): 5.408)
Switzerland was rated the most competitive economy for six consecutive years, while United States moved up two spots from last year.
