US tops com­pet­i­tive­ness rank­ing, Asia sees mixed re­sults

Financial Mirror (Cyprus) - - FRONT PAGE -

The United States re­mained at the top of the an­nual world com­pet­i­tive­ness rank­ing con­ducted by the lead­ing busi­ness school IMD, with the re­port say­ing this achieve­ment was a re­sult of the strong busi­ness ef­fi­ciency and fi­nan­cial sec­tor in the U.S., its in­no­va­tion drive and the ef­fec­tive­ness of its in­fra­struc­ture. Hong Kong (2) and Sin­ga­pore (3) moved up in the rank­ings of 61 sur­veyed economies over­tak­ing Switzer­land, which dropped to fourth place. Canada (5), Nor­way (7), Den­mark (8), Swe­den (9) and Ger­many (10) re­mained in the top ten. Lux­em­bourg moved to the top (6) from 11th place in 2014.

Re­sults for Asia were mixed. Malaysia (12 to 14), Ja­pan (21 to 27), Thai­land (29 to 30) and In­done­sia (37 to 42) moved down, while Tai­wan (13 to 11), Repub­lic of Korea (26 to 25) and the Philip­pines (42 to 41) slightly rose in the rank­ing. Most Asian economies in decline have seen a drop in their do­mes­tic economies and are i mpacted by weak­en­ing/aging in­fra­struc­ture.

Eastern E u r o p e ex­pe­ri­enced a mix­ture of re­sults as well. Poland (36 to 33), the Czech Repub­lic (33 to 29) and Slove­nia (55 to 49) moved up in the rank­ing. In the Baltic States, Es­to­nia (30 to 31) and Latvia (35 to 43) ranked lower than last year, although, L ithuan ia gained (34 to 28). Else­where in the re­gion, cur­rent events in Rus­sia (38 to 45) and Ukraine (49 to 60) high­light the neg­a­tive im­pact that armed con­flict and the ac­com­pa­ny­ing higher mar­ket volatil­ity have on com­pet­i­tive­ness in an in­creas­ingly in­ter­con­nected in­ter­na­tional econ­omy.

Among large emerg­ing economies, Brazil (54 to 56) and South Africa (52 to 53) slightly dropped, China (23 to 22) and Mex­ico (41 to 39) ex­pe­ri­enced im­prove­ments while In­dia re­mained at the same spot (44). This trend shows the dif­fi­culty in group­ing emerg­ing mar­kets in one cat­e­gory, as the is­sues im­pact­ing their com­pet­i­tive­ness dif­fer. China’s slight in­crease stems from im­prove­ments in ed­u­ca­tion and public ex­pen­di­ture, whereas Brazil suf­fers from a drop in do­mes­tic econ­omy and less op­ti­mistic ex­ec­u­tive opin­ions.

Newspapers in English

Newspapers from Cyprus

© PressReader. All rights reserved.