The Global Competitiveness Report 2018 of the World Economic Forum is a study of the global economy. This year the Report was done with new methodology intended to offer insights into economies’ readiness for the future, social capital, endowment of disruptive businesses and debt concern, among other indicators to fully capture the dynamics of the global economy in the Fourth Industrial Revolution.
“The changing nature of economic competitiveness in a world that is becoming increasingly transformed by new, digital technologies is creating a new set of challenges for governments and businesses, which collectively run the risk of having a negative impact on future growth and productivity”, reads the report.
The report evaluated 140 economies through 98 indicators organized into 12 pillars.
With a score of 85.6 out of 100, the United States is the country closest to the frontier of competitiveness. It notably leads the Business dynamism pillar, and stands out in the Labor market pillar.
In addition to the United States, other G20 economies in the top 10 include Germany (3rd, 82.8), Japan (5th, 82.4) and the United Kingdom (8th, 82.0). G20 results are highly diverse. Almost 30 points, and 80 ranks separate the United States from Argentina (81st, 57.5), the worst performing G20 economy. Singapore ranks second in the overall rankings (score of 83.5).
Costa Rica ranks fourth in the region, and is in position 55 of the global ranking, it stands out in the health pillar where it scored 97, while the lowest score came in Innovation capability pillar.
Chile leads the Latin America and Caribbean region ranked in the 33rd position.
“One of the report’s most concerning findings is the relative weakness across the board when it comes to mastering the innovation process, from idea generation to product commercialization”.
“At a time of escalating trade tensions and a backlash against globalization, the report also reveals the importance of openness for competitiveness”.
“Competitiveness is neither a competition nor a zero-sum game—all countries can become more prosperous. With opportunities for economic leapfrogging, diffusion of innovative ideas across borders and new forms of value creation, the Fourth Industrial Revolution can level the playing field for all economies. But technology is not a silver bullet on its own. Countries must invest in people and institutions to deliver on the promise of technology.” said Saadia Zahidi, Member of the Managing Board and Head of the Centre for the New Economy and Society.
“The changing nature of economic competitiveness in a world that is becoming increasingly transformed by new, digital technologies is creating a new set of challenges for governments and businesses, which collectively run the risk of having a negative impact on future growth and productivity”, reads the report.
The report evaluated 140 economies through 98 indicators organized into 12 pillars.
With a score of 85.6 out of 100, the United States is the country closest to the frontier of competitiveness. It notably leads the Business dynamism pillar, and stands out in the Labor market pillar.
In addition to the United States, other G20 economies in the top 10 include Germany (3rd, 82.8), Japan (5th, 82.4) and the United Kingdom (8th, 82.0). G20 results are highly diverse. Almost 30 points, and 80 ranks separate the United States from Argentina (81st, 57.5), the worst performing G20 economy. Singapore ranks second in the overall rankings (score of 83.5).
Costa Rica ranks fourth in the region, and is in position 55 of the global ranking, it stands out in the health pillar where it scored 97, while the lowest score came in Innovation capability pillar.
Chile leads the Latin America and Caribbean region ranked in the 33rd position.
“One of the report’s most concerning findings is the relative weakness across the board when it comes to mastering the innovation process, from idea generation to product commercialization”.
“At a time of escalating trade tensions and a backlash against globalization, the report also reveals the importance of openness for competitiveness”.
“Competitiveness is neither a competition nor a zero-sum game—all countries can become more prosperous. With opportunities for economic leapfrogging, diffusion of innovative ideas across borders and new forms of value creation, the Fourth Industrial Revolution can level the playing field for all economies. But technology is not a silver bullet on its own. Countries must invest in people and institutions to deliver on the promise of technology.” said Saadia Zahidi, Member of the Managing Board and Head of the Centre for the New Economy and Society.
