During the annual meeting of business leaders in Davos, researchers from World Economic Forum (WEF) have published Global Competitiveness Report 2016/2017. For the eight time they adjudged the first place for Switzerland. It narrowly ahead of Singapore which is on the second position for the sixth year in a row. They are followed by the USA, the Netherlands, Germany, Sweden, United Kingdom, Japan, Hong Kong and Finland. The biggest change in ranking experienced India, which ranked 39th position, climbing up 16 places. The Global Competitiveness Report’s ranking is based on the Global Competitiveness Index (GCI). It was introduced by the World Economic Forum in 2005. GCI scores are based on 12 categories – the pillars of competitiveness.

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This year, Switzerland has reached its record of 5.8 point on the 7 possible to get. Each country is evaluated in 12 areas. Switzerland received the highest scores in four categories: labor market efficiency, business sophistication, innovation and technological readiness.

First of all, Switzerland should pay attention to migration issues. Significant problems facing the economy are also deepening deflation, the low level of women participating in the labor market and the amount of red tape that inhibits economic activity.

The report also recognizes the advantages of Switzerland. The advantage is that the country is attractive for large international corporations and has a high index of innovation.

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