UK economy now the ninth most competitive in the world

The UK’s economy has been ranked as the ninth most competitive market on the planet, according to the World Economic Forum’s (WEF) ‘Global Competitiveness Report’.
 
The report of 144 different national economies also indicates the “global economy seems to be finally leaving behind the worst and longest-lasting financial economic crisis of the last 80 years”.
 
It provides insight into the drivers of the productivity and prosperity of each national economy and remains the most comprehensive assessment of national competitiveness worldwide.
 
The WEF attributes much of the recent economic growth and improved stability to the “extraordinary and bold monetary policies in countries such as the UK”.
 
Britain’s ability to adopt technology to enhance productivity has also been hailed in the report - with an ICT uptake regard as “one of the highest in the world” - whilst accrediting the UK’s competitive economic edge to “gains derived from lower levels of fiscal deficit and public debt”.
 
The report adds: “In addition to these more favourable macroeconomic conditions, the UK continues to benefit from an efficient labour market and a high level of financial development, despite the recent difficulties in parts of its banking system and the fact that the difficult access to loans remains the most problematic factor for doing business.”
 
Switzerland retains the most competitive national economy in the world, shortly followed by Singapore, the United States, Finland and Germany.
 
The Global Competitiveness Index has been used as an important tool by policymakers of many countries over the years. Since its initial publication in 2005, the Index has become widely recognised as one of the leading assessments of global competitiveness as defined by the WEF.

Date published 3 Sep 2014 | Last updated 3 Sep 2014