Switzerland named as world’s “most competitive” economy

For the seventh consecutive year, Switzerland has claimed the top spot in the WEF Global Competitiveness Report, followed by Singapore and the US. The World Economic Forum has just released its annual Global Competitiveness Report, the world’s most comprehensive assessment of national competitiveness featuring 140 economies. Switzerland continues to dominate the ranking thanks to top […]

For the seventh consecutive year, Switzerland has claimed the top spot in the WEF Global Competitiveness Report, followed by Singapore and the US.

The World Economic Forum has just released its annual Global Competitiveness Report, the world’s most comprehensive assessment of national competitiveness featuring 140 economies. Switzerland continues to dominate the ranking thanks to top scores in innovation, business sophistication and labor market efficiency.

More specifically, Switzerland boasts world-class research institutions (1st), a very high company spending on R&D (1st) and strong cooperation between the academic world and the private sector (3rd). The labor market is highly efficient (1st), with high levels of collaboration between labor and employers (1st). The country’s capacity to retain and attract talent (1st) is unrivalled. Swiss public institutions are among the most effective and transparent in the world (6th) and competitiveness is further buttressed by excellent overall infrastructure (1st) and highly developed financial markets (10th). Last but not least, Switzerland’s macroeconomic environment is among the most stable worldwide (6th).

Still, according to the WEF, "the cost of doing business in Switzerland is high – and its strong currency, negative real interest rates and uncertainty about future immigration policy are all cautions against complacency". Switzerland is currently addressing these challenges in order continue to sharpen its competitive edge and remain a leader in global competitiveness over the coming years.

Switzerland Country Profile