Germany falls in global competitiveness ranking

Galtero Lara
Octubre 9, 2019

Finland has been ranked the 11th most competitive country by the World Economic Forum.

"The business community needs to be more responsible and innovative in its operations to help improve the country's social and economic goals", Chua said in a statement.

The Netherlands, which has risen two places in the global list, is now fourth overall, behind Singapore, the U.S. and Hong Kong and ahead of Switzerland.

Singapore beat the U.S. into second place as the Asian city-state was recognized for its infrastructure, labor market and financial system development.

According to a press release issued by Mishal Pakistan, the country partner institute of the Future of Economic Progress System Initiative, WEF, the report has adopted a new methodology for measuring competitiveness 4.0 by including indices which represent more knowledge and digital-based ecosystems.

Taiwan stands out in the category of "innovation capability", emerging as the fourth most competitive in the world, following Germany, the US, and Switzerland.

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The accessibility of fiber optic broadband internet access also "remains the privilege of the few", the report added.

WEF founder Klaus Schwab called the index a "compass for thriving in the new economy where innovation becomes the key factor of competitiveness".

Globally, it suffered the biggest slump in the field of ICT adoption, ranking 88th from 67th and its rating, slipping from 54.8 to 49.7.

"While the predicted slowdown is unlikely to be almost as severe as the Great Recession of 2008-2009, policy-makers generally have fewer policy options today than they did back then to stimulate aggregate demand", WEF wrote in its annual Global Competitiveness Report, released on Wednesday.

In 2018, Pakistan ranked 107 out of 140 countries.

Zahidi said there's not enough information yet to assess the full impact of tariffs on competitiveness, but that the restrictive trade measures appear to be linked to a "downturn in business sentiment" that could bode badly for the global economy.

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