The World Economic Forum recently published the Global Competitiveness Index report 2018. This Year WEF slightly modified the methodology of assessing the countries by integrating the notion of “fourth industrial revolution” (4IR). In this era innovation and technology play a crucial role.
In order to complete the ratings, the forum assessed 140 countries with 98 indicators. The most important factor for WEF is not the wealth of the country, but its socio-economic results and living standards.
The world’s top ten competitive economies:
United States America – out of a score of 100 USA received 85.6 advancing its position by one step and becoming the world’s most competitive economy.
Singapore – with a score of 83.5 Singapore is in second place. Last year the country came in third place.
Germany – with a score of 82.3 Germany came third, up two slots from last year’s fifth place.
Switzerland – scored 82.8 coming in fourth place this year. Last year, Switzerland was in first place.
Japan – with a score of 82.5, Japan advanced its position by one slot and holds the fifth place. The Netherlands moved in sixth place with a score of 82.4, falling by two places compared to last year’s fourth position.
Hong Kong – holds the 7th place with a score of 82.3, which is one slot lower than the previous year.
The United Kingdom – With a score of 82 UK retains its position in the eighth place.
Sweden – scored 81.7 and moved down from the 7th place to the 9th.
Denmark – Denmark completes the top ten with a score of 80.6, marking an improvement from last year’s 12th place.
The least competitive economy in the world was named Chad, which scored 35. In the last places were also Yemen, Haiti, Angola, Burundi and the Republic of Congo.
Georgia came in 66th place in this year’s rating. Last year Georgia was in 67th place out of 135 countries. However, it is worth noting that, last year Georgia’s position fell by 8 places, therefore, this year Georgia still lags behind compared to 2016-2017.
With regards to the neighbouring countries – Azerbaijan is 69th on the list, Armenia 70th, Turkey 61st, and Russia 43rd.