Britain has dropped down a place in one of the world’s most highly-anticipated reports on country competitiveness. Brexit could be to blame.
Every year the World Economic Forum (WEF) releases its benchmark Global Competitiveness Report that looks at 98 indicators across 140 countries to determine the overall ranking. Each indicator uses a scale from 0 to 100, to signify how close an economy is to the ideal state or “frontier” of competitiveness. Those indicators are then organised into 12 pillars, such as health, skills, financial system, infrastructure, and institutions.
The report is then used as a tool by over 100 of the world’s leading companies and 100 international, civil society and academic organisations to see how they can make the economy, workforces, and businesses more productive and integrate equality and inclusion into the new economy, aiming to reach 1 billion people with improved economic opportunities.
According to the overall ranking table, the UK has slipped by another position to reach 9th place, after slipping last year to 8th. Meanwhile, Singapore placed first and the US second.