Which are the most competitive countries in the world?

Britain scored highly on diversity of workforce but still fell two places on the table of competitive economies

Britain scored highly on diversity of workforce but still fell two places on the table of competitive economiesJOEL GOODMAN FOR THE TIMES

Taiwan ranked 1st in "Macroeconomic stability" and 13th overall in the latest Global Competitiveness Report released by Geneva-based World Economic Forum (WEF).

WEF said this year's rankings are not comparable to previous reports, as the organization transitioned to a new Competitiveness Index.

The World Economic Forum's Global Competitiveness Index 4.0 is a composite indicator that assesses the set of factors that determine an economy's level of productivity - widely considered as the most important determinant of long-term growth. Switzerland, which has held the top spot for almost a decade, was bumped down to fourth place after the WEF changed its methodology for the study to one that reflects the shifts in a world that is constantly transformed by new, digital technologies. The U.S. scored 85.6 out of a possible 100. With three countries ahead of Taiwan being the Western nations Germany, the United States and Switzerland, Taiwan took the top spot in Asia.

Roughly 70% of the US score originates from data supplied by worldwide organizations such as the United Nations and the World Bank, which typically are produced with a two to three year lag, according to the Forum. For example, while Singapore might be the most "future-ready" economy, Finland outdoes it for having a digitally skilled workforce. Switzerland is ranked first in terms of the ability to reskill and retrain its workforce, while Germany is supposedly the best when it comes to mastering the innovation process in business.

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For the World Economic Forum, "the existence of pockets of over- or under-performance within each region suggests that there is little determinism in competitiveness".

The country ranked 116th out of 140 countries and 112nd out of 140 countries for infrastructure and health respectively.

"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". The presidency of Donald Trump in the United States, as well as the UK's vote to leave the European Union, has threatened to drastically alter the status quo in global trade in recent years.

The indicators under infrastructure include quality of roads which saw a drop in Ghana's score from the 2017 report and under health saw an increase in the score for life expectancy but overall rank was at 111 out of 140 countries.

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