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Top 10 most competitive economies in the world

By Lu Na: 0 Comment(s)Print E-mail China.org.cn, September 6, 2012

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Switzerland retained its status as the world's most competitive economy this year, according to the Global Competitiveness Report 2012–2013 (GCR) released by World Economic Forum on Sept. 5. The western European nation has topped the list for four consecutive years since 2009-2010. European countries continued to dominate this year's top 10, while the United States fell two positions to seventh place.

This year's report ranked 144 economies. The Chinese mainland ranked 29th on the list, down 3 positions compared to last year, returning to its 2009 position.

The macroeconomic situation of the Chinese mainland is very favorable: budget deficit is moderate and the rating of the economy's sovereign debt more favorable than other BRICS members as well as many advanced economies. However, the country lost points for the status of its financial market development, technological readiness, and market efficiency.

Although three Asian economies made the top 10, the formerly rapid pace of development in Asia this year has begun to slow down. Problems such as lack of infrastructure development, corruption and low utilization of new technology have continued to plague Asia as a whole.

The GCR is a yearly report published by the World Economic Forum. The first report was released in 1979. Twelve pillars of competitiveness are involved in the index, including institutions, infrastructure, macroeconomic environment, health and primary education, higher education and training, goods market efficiency, labor market efficiency, technological readiness, market size, business sophistication and innovation.

The following are the top 10 most competitive economies in the world according to the World Economic Forum's Global Competitiveness Report:

Japan