Switzerland is world’s most competitive economy

The World Economic Forum (WEF) published its Global Competitiveness Index 2017-2018 and Switzerland is again at the top of the class, even improving its score over last year. Switzerland was followed in the ranking by the U.S., Singapore, the Netherlands and Germany.

Switzerland placed in the top ten in 11 of the 12 rating categories. It came in first place in innovation potential, thanks to the high number of patent applications (3rd), the quality of its research institutions (1st) and the amount of R&D expenditure (1st).

The country also came in first place in terms of business sophistication and labour market efficiency, and is at the forefront with respect to attracting and assisting new workers to the country.

The quality of its education system was also ranked the best in the world. This is partly due to the dual educational system and the close cooperation between industry and science (1st).

Switzerland also leads the ranking in overall basic requirements, which reflects the quality of its institutions, infrastructure, macroeconomic environment and health and primary education system. Its public institutions are among the most transparent and efficient in the world (3rd), as is the stability of its macroeconomic environment.

The ranking is based on an evaluation of publicly available facts and the results of a comprehensive opinion poll conducted annually by WEF together with its network of partner institutions, one of which is the University of St.Gallen.