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Posted by: thepinetree on 10/17/2018 09:25 AM Updated by: thepinetree on 10/17/2018 09:25 AM
Expires: 01/01/2023 12:00 AM

USA Regains Top Stop in Global Competitiveness Index

Geneva, Switzerland, 17 October 2018 – The changing nature of economic competitiveness in a world that is becoming increasingly transformed by new, digital technologies is creating a new set of challenges for governments and businesses, which collectively run the risk of having a negative impact on future growth and productivity. This is the key finding of the World Economic Forum’s Global Competitiveness Report, which is published today. According to the report, which in 2018 uses a brand new methodology to fully capture the dynamics of the global economy in the Fourth Industrial Revolution, many of the factors that will have the greatest impact in driving competitiveness in the future have never been the focus of major policy decisions in the past. These include idea generation, entrepreneurial culture, openness, and agility.

The new tool maps the competitiveness landscape of 140 economies through 98 indicators organised into 12 pillars. For each indicator, using a scale from 0 to 100, it indicates how close an economy is to the ideal state or “frontier” of competitiveness. When combining these factors, the United States achieves the best overall performance with a score of 85.6, ahead of Singapore and Germany. The average score for the world is 60, 40 points away from the frontier.

One unifying theme among the world’s most competitive economies is that they all possess considerable room for improvement. For example, while the report’s Global Competitiveness Index finds that Singapore is the most ‘future-ready’ economy, it trails Sweden when it comes to having a digitally skilled workforce. Switzerland, meanwhile, has the most effective labour for reskilling and retraining policies and US companies are the fastest when it comes to embracing change.

One of the report’s most concerning findings is the relative weakness across the board when it comes to mastering the innovation process, from idea generation to product commercialization. Here, 103 countries score lower than 50 in this area of the index which is topped by Germany, followed by the United States and Switzerland. The report notably finds that attitude towards entrepreneurial risk is the most positive in Israel and tends to be negative in several East Asian economies. Canada has the most diverse workforce and Denmark’s corporate culture is the least hierarchical, both critical factors for driving innovation.

“Embracing the Fourth Industrial Revolution has become a defining factor for competitiveness. With this Report, the World Economic Forum proposes an approach to assess how well countries are performing against this new criterion. I foresee a new global divide between countries who understand innovative transformations and those that don’t. Only those economies that recognize the importance of the Fourth Industrial Revolution will be able to expand opportunities for their people,” said Klaus Schwab, Founder and Executive Chairman, World Economic Forum.

Openness must be complemented by inclusion

At a time of escalating trade tensions and a backlash against globalization, the report also reveals the importance of openness for competitiveness. For example, those economies performing in indicators that denote openness such as low tariff and non-tariff barriers, ease of hiring foreign labour and collaboration in patent application among others also tend to perform well in terms of innovation and market efficiency. This data suggests that global economic health would be positively impacted by a return to greater openness and integration. However, it is critical that policies be put in place to improve conditions of those adversely affected by globalization within countries.

The report also presents a strong argument that redistributive policies, safety nets, investments in human capital, as well as more progressive taxation aimed at addressing inequality do not need to compromise an economy’s levels of competitiveness. With no inherent trade-off between competitiveness and inclusion, it is possible to be pro-growth and inclusive at the same time. For example, workers in the Index’s ten most competitive economies work on average five hours less per week than workers in the three BRICS economies – Brazil, India and Russia – for which working time data is available.

A key message from the report is the need for a broad-based approach to raising competitiveness - a strong performance in one area cannot make up for a weak performance in another. This is especially true when it comes to innovation: while it is true that a strong focus on technology can provide leapfrogging opportunities for low and middle income countries, governments must not lose sight of ‘old’ developmental issues, such as governance, infrastructure and skills. In this light one worrying factor thrown up by this year’s Index is the fact that, for 117 of the 140 economies surveyed, quality of institutions remains a drag on overall competitiveness.

“Competitiveness is neither a competition nor a zero-sum game—all countries can become more prosperous. 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. But technology is not a silver bullet on its own. Countries must invest in people and institutions to deliver on the promise of technology.” said Saadia Zahidi, Member of the Managing Board and Head of the Centre for the New Economy and Society.

Regional and country highlights

With a score of 85.6 out of 100, the United States is the country closest to the frontier of competitiveness. It notably leads the Business dynamism pillar, thanks to its vibrant entrepreneurial culture, the Labour market pillar (score of 81.9 out of 100) and the Financial system (92.1) pillar. These are among the several factors that contribute to making the US’ innovation ecosystem one of the best in the world (86.5, 2nd behind Germany). The country’s institutional framework also remains relatively sound (74.6, 13th). However, there are indications of a weakening social fabric (63.3, down from 65.5) and worsening security situation (79.1, 56th)—the United States has a homicide rate five times the advanced economies’ average. It is far from the frontier in areas such as checks and balances (76.3, 40th), judicial independence (79.0, 15th), and corruption (75.0, 16th). The country also lags behind most advanced economies in the Health pillar, with healthy life expectancy at 67.7 years (46th), three years below the average of advanced economies, and six years less than Singapore and Japan. Finally, ICT adoption is relatively low compared to other advanced economies, including aspects such as mobile-broadband subscriptions and internet users. With a score of 71.2, the United States trails Korea by a full 20 points.

In addition to the United States, other G20 economies in the top 10 include Germany (3rd, 82.8), Japan (5th, 82.4) and the United Kingdom (8th, 82.0). G20 results are highly diverse. Almost 30 points, and 80 ranks separate the United States from Argentina (81st, 57.5), the worst performing G20 economy.

Singapore ranks second in the overall rankings (score of 83.5), with openness as the defining feature of this global trading hub and one of the main drivers of its economic success. The country also leads the infrastructure pillar, with a nearly perfect score of 95.7, thanks to its world-class transport infrastructure and connectivity.

Besides Singapore and Japan, Hong Kong SAR (7th, 82.3) is the third economy from East Asia and the Pacific region in the top ten, confirming the widely held view that overall growth momentum in the region is set to last. These three economies boast world-class physical and digital infrastructure and connectivity, macroeconomic stability, strong human capital, and well-developed financial systems. Australia (14th, 78.9) and Korea (15th, 78.8) are among the top 20. The biggest gap in this region lies in the development of an innovation ecosystem—New Zealand ranks 20th on the Innovation Capability pillar, while the Republic of Korea ranks 8th. Emerging markets such as Mongolia (99th , 52.7), Cambodia (110th, 50.2) and Lao PDR (112th, 49.3) are only half way to the frontier, making them vulnerable to a sudden shock, such as a faster-than-expected rise in interest rates in advanced economies and escalating trade tensions.

Of the BRICS grouping of large merging markets, China is the most competitive, ranking 28 in the Global Competitiveness Index with a score of 72.6. It is followed by Russia which is ranked 43. These are the only two in the top 50. Next is India, which ranks 58, up five places on 2017: with a score of 62, it registers the largest gain of any country in the G20. India is followed by South Africa, which falls 5 places this year to 67. Last is Brazil, which slips 3 places to 72.

Europe is made up of a very competitive north-west, a relatively competitive south-west, a rising north-east region and a lagging south-east. Despite continuing fragility from recent political shifts, the continent’s basic competitiveness factors, such as health, education, infrastructure and skills, are firmly in place. Sweden (9th, 81.7) is the highest ranked of the Nordic economies, while France (17th, 78.0) is among the top 20. The greatest disparities in the region lie in national innovation ecosystems, with countries in Eastern Europe and the Balkans lacking basic innovation infrastructure, while countries such as Germany and Switzerland set the global standards for innovation.

Chile (33rd, 70.3) leads the Latin America and the Caribbean region by a wide margin, ahead of Mexico (46th, 64.6) and Uruguay (53rd, 62.7). Venezuela (127th, 43.2) and Haiti (138th, 36.5) close the march. The region’s competitiveness remains fragile and could be further jeopardized by a number of factors including increased risk from trade protectionism in the United States; spillover of Venezuela’s economic and humanitarian crisis; policy uncertainty from elections in the region’s largest economies, and disruptions from natural disasters threatening the Caribbean. Insecurity and weak institutions are two of the biggest challenges for most countries.

Competitiveness performance in the Middle East and North Africa remains diverse, with Israel (20th, 76.6) and the United Arab Emirates (27th, 73.4), leading the way in the region. Saudi Arabia is in 39th position with a score of 67.5 out of 100. A focus on intra-region connectivity, in combination with improvements in ICT readiness and investment in human capital would improve the region’s capacity to innovate, foster business dynamism and increase its competitiveness performance.

Seventeen of the 34 sub-Saharan African economies studied are among the bottom 20, and the region’s average (45.2) placed it less than halfway to the frontier. Mauritius (49th, 63.7) leads the region, ahead of South Africa and nearly 30 points and 91 places ahead of Chad (140th, 35.5). Kenya is in 93rd position with a score of 53.7 while Nigeria is in 115th position with a score of 47.5 out of 100.

About the Global Competitiveness Index 4.0 methodology

Building on four decades of experience in benchmarking competitiveness, the World Economic Forum’s Global Competitiveness Index 4.0 is a new 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. The GCI 4.0 framework is built around 12 main drivers of productivity. These pillars are: Institutions, Infrastructure; Technological readiness; Macroeconomic context; Health; Education and skills; Product market; Labor market; Financial system; Market size; Business dynamism; and Innovation. They comprise 98 individual indicators. Further details on methodology can be found here.

Centre for the New Economy and Society

The Report is part of the World Economic Forum’s Centre for the New Economy and Society, which aims to build dynamic and inclusive economies in an era of accelerated technological and political change, providing leaders with a platform to understand and anticipate emerging economic and social trends and to adapt policies and practices to our rapidly evolving context. A significant portion of the Centre’s work focuses on shaping frameworks for fostering growth and inclusion, including an accelerator for industrial policy and competitiveness in the Fourth Industrial Revolution. The Centre is also supporting developed and emerging economies in setting up public-private collaborations to close skills gaps and prepare for the future of work as part of its human capital agenda. Finally, the Centre acts as a test bed for exploring the emerging contours of the new economy, including rethinking economic value, investment strategies for job creation, new principles for the gig economy and new safety nets.

Comments - Make a comment
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No Subject
Posted on: 2018-10-17 11:50:46   By: Anonymous
Thanks Barry, for giving us Donald Trump, and if all you despicable, foul mouthed loser's get excited about you crudeness, those of us that live in the REAL WORLD love this guy's accomplishments! Barry couldn't have matched any of these accomplishments, his goal was to racially divide this nation! What an ass!

[Reply ]

    Re: Making America GREAT Again!
    Posted on: 2018-10-17 12:28:25   By: Anonymous
    USA Regains Top Spot in Global Competitiveness Index.
    Thank you President Trump for Making America Great Again.

    [Reply ]

      Re: 14098 Cobb lane Burson, CA. ILLEGAL INDOOR GROW
      Posted on: 2018-10-17 15:28:49   By: Anonymous
      Please do not post personal details of private citizens. To report something please do so through Law Enforcement

      [Reply ]

        Re: Making America GREAT Again!
        Posted on: 2018-10-17 17:14:30   By: Anonymous
        U.S. Wins Title of World’s Most Competitive Economy for First Time in a Decade
        Trump, Trump, Trump, Trump, Trump, Trump, Trump.

        Vote Republican and Win, Vote Libtarded and become poor and unemployed again.

        Trump stuck that Magic Wand right up the Halfricans ass. Oh yeah Oblahblah it CAN be done and it is BEING done.

        Nov 6th so far away reminds me of when I was a kid and Christmas Day just wouldn't come. There will be wailing and gnashing of teeth as the left goes Bat*bleep* Crazy Berserk by 10pm Nov 6th West Coast time when they find out the blue ripple was overwhelmed by a Red Tsunami..

        [Reply ]

          Re: Making America GREAT Again!
          Posted on: 2018-10-18 00:39:15   By: Anonymous

          They are his biggest donor!


          [Reply ]

    Posted on: 2018-10-17 13:33:26   By: Anonymous
    You moron. The current economic expansion in the US is due to Obama's presidency. Look it up on any reputable internet site. Growth of the economy, decrease in unemployment and increase in the stock market are on straight lines since 2009 or 2010.

    Who was the president in 2009 and 2010? Obama!

    The only significant trend Trump has altered is the national deficit. It was decreasing during the last several years of Obama's presidency and now it is increasing. Look it up.

    You may think calling you a moron is being foul mouthed. But Trump's own cabinet members call him that so I just assume you'll be real comfortable going by the same descriptor.

    And morons are smarter than both idiots and imbeciles. You can look that up too.

    [Reply ]

      Posted on: 2018-10-17 14:16:26   By: Anonymous
      No it wasn't Obama, it was Bill Clinton you pimple dick. Jeez, get it right.
      Look it up, it's right there under Obama paying $400,000,000 to get 4 American Hostages back from Iran Was that before or after he gave Iran the green light to go Nuclear on the world? I forget on those great ''accomplishments'' you speak of?
      "The shipment was a secret until The Wall Street Journal broke the story on August 2."AKA ~ BUSTED
      I know, let's blame that one on Trump, what do you say?

      [Reply ]

      Posted on: 2018-10-17 15:29:13   By: Anonymous
      Please do not post personal details of private citizens. To report something please do so through Law Enforcement

      [Reply ]

    Re: 14098 Cobb lane Burson, CA. ILLEGAL INDOOR GROW
    Posted on: 2018-10-17 15:28:17   By: Anonymous
    Please do not post personal details of private citizens. To report something please do so through Law Enforcement

    [Reply ]

    Posted on: 2018-10-17 22:03:17   By: Anonymous
    A vote for Oliveira is a vote for Cal-Waste!

    Don’t complain when your rates continue to rise because they are the biggest donor of his campaign!

    [Reply ]

Posted on: 2018-10-17 12:30:52   By: Anonymous
Tax cuts to the rich and corporations have caused the deficit of the United States to swell at record pace. Trump is going to bankrupt the United States dumbasses. Check out the facts, live in a reality world, not Trump's fake world. The United States is going broke thanks to Trump. Your children and grandparents will pay for your party you are having today.

[Reply ]

    Posted on: 2018-10-17 12:32:58   By: Anonymous
    That's right folks, party on now because the revenues is not coming in to the United States Treasury. And Trump is spending like crazy. That's right your grandchildren will be paying for Trump's debt. Remember, he even claims to be the king of debt. And he intends to leave the country in debt. Check the numbers you fools

    [Reply ]

    Posted on: 2018-10-17 13:11:39   By: Anonymous
    Waaaaaaa, waaaaaaaaaa listen to the children throwing their temper tantrums again. What is it now 5, 6 or maybe a dozen times today alone? You Einstein's know every year for the last 40 years America has fallen more and more in debt, right? Oh that's right, in your socialist little world we've only gone in debt since Trump took office.
    No wonder they say democrats IQ are on the average 20% lower then Independents and Republicans. I guess that's because of all the felons ( a majority of which are democrats) and BLM protesters.
    Of course you crying, whining, ignorant democrats can help, try getting a job and quit leeching off the working people who pay taxes and put the food on your table.
    I imagine your kids are embarrassed to bring their friends over when your home, and who could blame them?
    Thank you President Trump for everything you've done in such a short time, you really are amazing!!!

    [Reply ]

    Posted on: 2018-10-17 15:30:53   By: Anonymous
    Please do not post personal details of private citizens. To report something please do so through Law Enforcement

    [Reply ]

    Posted on: 2018-10-17 15:30:57   By: Anonymous
    Please do not post personal details of private citizens. To report something please do so through Law Enforcement

    [Reply ]

Pine turd propaganda machine at work
Posted on: 2018-10-17 12:34:16   By: Anonymous
The pine turd keeps pumping out the bull*bleep*

[Reply ]

    Posted on: 2018-10-17 14:15:34   By: Anonymous

    [Reply ]

Posted on: 2018-10-17 15:27:51   By: Anonymous
Please do not post personal details of private citizens. To report something please do so through Law Enforcement

[Reply ]

    Posted on: 2018-10-17 19:36:24   By: Anonymous
    Does anyone know where there's a cannabis grow?

    [Reply ]

      Posted on: 2018-10-18 00:39:43   By: Anonymous

      They are his biggest donor!


      [Reply ]

      Posted on: 2018-10-18 13:53:15   By: Anonymous
      There's one in Burson!

      [Reply ]

No Subject
Posted on: 2018-10-17 19:38:45   By: Anonymous
ocsicnarF naS

[Reply ]

Posted on: 2018-10-18 00:03:54   By: Anonymous
PORN PRESIDENT Trumps values none!!

[Reply ]

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