Every year, the World Economic Forum (WEF) releases the Global Competitiveness Report (GCR) with the primary purpose of ranking nations based on their economic potential and overall ability to offer prosperity to their citizens, boost productivity, use of resources, and investing potential, among others. The ranking is based on the Global Competitive Index, focusing on twelve specific pillars of competitiveness that accurately ranks a country’s potential for a sustainable economy.
The latest report reveals the three nations that ranked top among other participating countries around the world: Switzerland gaining the first spot, followed by the United States, while securing the third position is Singapore. Ranking first is not new to the Swiss country, since they’ve been holding the same title for nine consecutive years.
Aside from the economic rankings which are what The Global Competitiveness Report is known for, the entire paper also includes additional chapters that discuss specific economic profiles of participating nations. Included in these chapters are recommendations, major findings, as well as informative analyses that will aid these countries to perform better in the future.
The index has been a trusted resource for measuring a country’s competitiveness. The results of these yearly reports also guide leaders to formulate new economic policies that can help change their country’s economic strategies for the better. For instance, some ASEAN nations like Brunei, Vietnam and the Philippines were able to rise above their previous rankings. On the other hand, other countries like South Africa considered their dramatic 14-position drop a big wake up call to its leaders and policymakers to take action.
The GCR is also an important reference for many international investment companies, including Bermuda-based offshore portfolio management firm LOM Financial, to determine which economies—both developed and emerging—to tap into.