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Thursday, September 05, 2013 - 5.27 GMT
Sri Lanka moves up in Global Competitiveness Report 2013-2014

 

The World Economic Forum has upgraded Sri Lanka’s global competitiveness ranking from 68th to 65th place among 148 nations in the year 2013-2014.

Excellent innovation and strong institutional environments are increasingly influencing economies' competitiveness, according to The Global Competitiveness Report 2013-2014.

The report's Global Competitiveness Index (GCI) places Switzerland at the top of the ranking for the fifth year running. Singapore and Finland remain in second and third positions respectively. Germany moves up two places (4th) and the United States reverses a four-year downward trend, climbing two places to fifth.

Hong Kong SAR (7th) and Japan (9th) also close the gap on the most competitive economies, while Sweden (6th), the Netherlands (8th) and the United Kingdom (10th) fall.

The United States continues to be a world leader in bringing innovative products and services to market. Its rise in the ranking is down to a perceived improvement in the country's financial market as well as greater confidence in its public institutions. However, serious concerns persist over its macroeconomic stability, which ranks 117 out of 148 economies.

In Europe, efforts to tackle public debt and avoid a break-up of the euro have taken the focus off addressing deeper competitiveness issues. Southern European economies such as Spain (35th), Italy (49th), Portugal (51st) and notably Greece (91st) all need to continue addressing weaknesses in the functioning and efficiency of their markets, boost innovation and improve access to finance in order to help bridge the region's competitiveness divide.

 


 

 
 
   
   
     
   
   

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Last modified: September 05, 2013.

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