UK is named ninth most competitive country in the world by WEF » SMEInsider

UK is named ninth most competitive country in the world by WEF

A brightening outlook for the UK economy has helped tip it into the top ten most competitive countries in the world, according to the latest Global Competitiveness Report.

Published by the World Economic Forum, the report lists countries that “possess a track record in developing, accessing and utilising available talent, as well as in making investments that boost innovation.” Switzerland scooped the top spot, according to the WEP’s analysis, followed by Singapore, the US, Finland, and Germany.

According to the WEP, “extraordinary and bold monetary policies in countries such as the UK,” have helped to settle the global economy, while Britain’s competitive appeal is down to its  “gains derived from lower levels of fiscal deficit and public debt” as well as high technological uptake, particularly in relation to ICT.

The report goes on to say that “the global economy seems to be finally leaving behind the worst and longest-lasting financial and economic crisis of the last 80 years,” and that, “In addition to these more favourable macroeconomic conditions, the UK continues to benefit from an efficient labour market and a high level of financial development, despite the recent difficulties in parts of its banking system and the fact that the difficult access to loans remains the most problematic factor for doing business.”