Its Global Competitiveness Report sees the UK rise one spot to ninth on the list, while Switzerland and Singapore retain first and second place. The US improved its competitiveness position for the second consecutive year, climbing two places to third.
But the WEF warns that the global economy’s health is at risk, despite years of monetary stimulus and reforms. Each year, the WEF, best known for its annual Davos economic meeting, benchmarks countries against 12 factors, including infrastructure, education and training, labour market efficiency, technological readiness and innovation.
The aim is to produce a comparative picture of what is driving competitiveness, productivity, and prosperity in 144 countries. The UK wins plaudits for adopting technology to enhance productivity, and for its general business environment.