15 Most Competitive Countries to do Business in the World

In the past I’ve featured rankings that have recognized Canada on a global scale such as the smartest countries, the happiest countries, the best countries for entrepreneurs  and the best countries to live. I’m continuing that trend today by seeing how Canada faired on the list of the most competitive countries to do business in the world.

The World Economic Forum [WEF] released the Global Competitive Report, which is what this list is based on. This list ranks 144 economies using twelve pillars of competitiveness: institutions, infrastructure, macroeconomic environment, health and primary education, higher education and training, goods market efficiency, labour market efficiency, financial market development, technological readiness, market size, business sophistication and innovation.

Based on this report, the following are the top 15 most competitive countries to do business in the world. Please note that all Competitiveness scores are out of 7:

• 14. Norway – Competitiveness score: 5.27. Norway rose one place having ranked sixteenth on the 2011-2012 list. Their biggest improvement was in innovative as they moved up five places from twentieth to fifteenth
• 14. Canada – Competitiveness score: 5.27. Canada has slipped from its twelfth position in 2011-2012 to fourteenth place this year. Our home and native land did best in labour market efficiency where we ranked fourth.
• 13. Taiwan– Competitiveness score: 5.28. Taiwan’s economy has been consistent as they have been able to maintain their thirteenth place ranking. An eighth place finish in goods market efficiency was their top score out of the twelve
  

  Image taken from Global Competitiveness Report

  indicators.

• 12. Denmark – Competitiveness score: 5.29. Denmark fell four places from eighth place last year to twelfth this year. Their third place ranking in technological readiness was their best score.
• 11. Qatar – Competitiveness score: 5.38. Qatar has risen from a fourteenth place finish last year to be in eleventh this year. Their highest score was second place in macroeconomic environment.
• 10. Japan – Competitiveness score: 5.40. Japan fell from ninth place last year to tenth this year. Despite their overall placement on the list they were ranked first in business sophistication.
• 9. Hong Kong – Competitiveness score: 5.41. Hong Kong has risen from their eleventh place finish in 2011-2012. In both infrastructure and financial market development they earned top marks.
• 8. United Kingdom – Competitiveness score: 5.45. The UK’s economy is on the rebound as they were in tenth in 2011-2012 and are now in eighth place. A fifth place showing in labor market efficiency was their highest score of the twelve indicators.
• 7. United States – Competitiveness score: 5.47. It is not surprising that the United States economy has been volatile and in 2011-2012 they were in fifth place and now amongst more uncertainly have fallen two places to seventh. Their best score of the twelve indicators was a first place finish in market size.
• 6. Germany – Competitiveness score: 5.48. Germany’s economy has been fairly consistent considering that they have maintained their sixth place standing for the last two years. Infrastructure and business sophistication rankings of third were their highest showings.
• 5. Netherlands – Competitiveness score: 5.50. The Netherlands were able to come up two spots to fifth instead of the seventh place finish they had in 2011-2012. Their best ranking was fourth place in business sophistication.
• 4. Sweden – Competitiveness score: 5.53. Sweden dropped one place to fourth on this year’s list. Technological readiness was where this Nordic country received their highest rating, a first place score.
• 3. Finland – Competitiveness score: 5.55. Finland rose one place to go from fourth in the 2011-2012 listing to third this year. A score of 6.8 out of seven in Health and primary education garnered Finland their only first place ranking.
• 2. Singapore – Competitiveness score: 5.67. Singapore was able to hold onto their second place ranking for a second year. They earned a first place finish in two of the twelve indicators used to tabulate total scores: institutions and goods market efficiency.
• 1. Switzerland – Competitiveness score: 5.72. For the second year in a row they have maintained their first place standing. Oddly enough, the first placed economy received the same number of first place finishes as the second ranked. Switzerland received top marks in labor market efficiency, as well as in innovation.

These types of ratings are helpful for businesses and investors looking to start or expand into a new market or for citizens researching locations for career opportunities. In these difficult financial times studies of this nature can give a wide-scope snapshot of the state of other countries from a greater prespective.

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