REUTERS/Chris Wattie
Weight lifting on Parliament Hill in Ottawa.
The report ranks these economies on the "12 pillars of competitiveness": institutions, infrastructure, macroeconomic environment, health and primary education, higher education and training, goods market efficiency, labor market efficiency, financial market development, technological readiness, market size, business sophistication, and innovation.
"Smart investment in skills and innovation is key to enhanced productivity and competitiveness," the report said. "It also supports more inclusive growth by allowing everyone to contribute to and benefit from higher levels of prosperity. Economies that consistently rank high in the competitiveness rankings are those that are able to develop, attract and retain talent, and constantly introduce new and higher value-added products and services into the market."
The report adds that "while all of the pillars described above will matter to a certain extent for all economies, it is clear that they will affect different economies in different ways: the best way for Cambodia to improve its competitiveness is not the same as the best way for France to do so" because the two countries are in different stages of development.
The WEF ranked 144 economies.
27. Israel
Israel ranks 3rd in innovation, 15th in technological readiness, and 26th in business sophistication.
The Gaza War has discouraged tourists from visiting and "dented" consumer spending. Israel's economy is "already losing momentum," and now there are fears that the conflict will cause the economy to contract.
Source: World Economic Forum
26. South Korea
REUTERS/Damir Sagolj
South Korea ranked 14th on infrastructure, 7th on macroeconomic environment, and 11th on market size.
South Korea's August exports missed market expectations — they are down 0.1% over the year. Additionally, analysts believe that South Korean export volatility could continue until there is an economic recovery in China.
Source: World Economic Forum
25. Ireland
Ireland ranks 8th on health and primary education, 10th on goods market efficiency, and 12th on technological readiness.
The Irish central bank recently "increased its growth outlook for the country" and analysts said that "faster-than-expected economic growth will allow the government to soften the next round of budget cuts for 2015," according to The Wall Street Journal.
Source: World Economic Forum
24. Saudi Arabia
REUTERS/Stephanie Mcgehee
Saudi Arabia ranks 4th on macroeconomic environment, 25th on institutions, and 30th on financial market development.
Non-oil PMI is expanding "at the fastest rate since September 2012" in Saudi Arabia. Additionally, consumer spending remained strong.
Source: World Economic Forum
23. France
22. Australia
21. Austria
Stanko Gruden/Agence/Getty Images
Austria ranks 13th on infrastructure, 7th on business sophistication, and 18th on innovation.
Provided that the economy does not unexpectedly slow down, Austria is expected to hit its 2014 and 2015 budget targets. Additionally, the new finance minister "vowed" that there would be tax reforms, and a simplification of the bureaucracy.
Source: World Economic Forum
20. Malaysia
REUTERS/Bazuki Muhammad
Petronus Twin Towers, Kuala Lumpur
Malaysia ranks 7th on goods market efficiency, 4th on financial market development, and 15th on business sophistication.
Malaysia's economy recently unexpectedly accelerated because of rapid export growth.
Source: World Economic Forum
19. Luxembourg
Chris Jackson/Getty Images
Luxembourg ranks 1st in technological readiness, 6th for institutions, and 5th for goods market efficiency.
Luxembourg recently increased subsidies for green energy.
Source: World Economic Forum
18. Belgium
AP Photo/Ivan Sekretarev
Belgium ranks 2nd for health and primary education, 5th for higher education and training, and 10th on business sophistication.
Belgium's economy saw GDP expand by 0.1% in Q2 2014 — which is 1.0% up over the year.
Source: World Economic Forum
17. New Zealand
New Zealand ranks 1st for institutions, 4th for health and primary education, and 3rd for financial market development.
New Zealand has seen an incredible, but unsustainable, growth rate — and now economists are worried about a "hard landing." Additionally, New Zealanders' rate of migration to Australia is expected to drop as the Australian economy slows.
Source: World Economic Forum
16. Qatar
Sean Gallup/Getty Images
Qatar ranks 4th for institutions, 2nd for macroeconomic environment, and 4th for goods market efficiency.
Qatar is spending $45 billion to build a completely new city for the 2022 World Cup. (That's over 107 times the amount of money that Guardians of the Galaxy raked in this summer.)
Source: World Economic Forum
15. Canada
Clive Mason/Getty Images
Canada ranks 7th for health and primary education, 7th for labor market efficiency, and 8th for financial market development.
Canada's economy grew by 3.1% in the second quarter, which 2.7% greater than economists were expecting.
Source: World Economic Forum
14. Taiwan
REUTERS/Nicky Loh
Taiwan ranks 11th for infrastructure, 11th for goods market efficiency, and 10th in innovation.
Taiwan recently raised its 2014 growth forecast. Additionally, a new economic minister, Woody Duh, was recently appointed following the predecessor's resignation.
Source: World Economic Forum
13. Denmark
Denmark ranks 10th in higher education and training, 12th in labor market efficiency, and 6th in technological readiness.
Denmark's economy contracted in the second quarter following a three-month expansion.
Source: World Economic Forum
12. United Arab Emirates
The United Arab Emirates ranks 5th in macroeconomic environment, 3rd in infrastructure, 3rd in goods market efficiency.
The United Arab Emirates' non-oil private sector grew "at the fastest pace on record in August."
Source: World Economic Forum
11. Norway
Christophe Pallot/Agence/Getty Images
Norway ranks 1st in macroeconomic environment, 4th in technological readiness, and 8th in higher education and training.
A higher electricity production contributed to the faster-than-expected second-quarter growth for Norway's economy. The growth was 0.8% greater than what analysts expected.
Source: World Economic Forum
10. Sweden
Getty Images
Sweden ranks 12th on financial market development, 3rd on technological readiness, and 7th on innovation.
Sweden recently cut its growth forecast. Additionally, the center-right government announced that if they are reelected, they will raise taxes.
Source: World Economic Forum
9. United Kingdom
AP
The U.K. ranks 10th in infrastructure, 2nd in technological readiness, and 5th in labor market efficiency.
The U.K.'s economy is quickly expanding, and grew by 3.2% in the from Q2 2013 to Q2 2014. On Sept. 18, there will be a Scottish independence referendum (with results announced on early Sept. 19).
Prime Minister Cameron told the Scots that "much of their industry and more than 1 million jobs could be put in jeopardy if they vote next month to leave the United Kingdom."
Source: World Economic Forum
8. Netherlands
Laurence Griffiths / Getty Images
The Netherlands ranks 4th in infrastructure, 5th in health and primary education, and 3rd in higher education and training.
The Dutch economy grew slightly in Q2 following higher exports and investment.
Source: World Economic Forum
7. Hong Kong
Reuters/ Bobby Yip
Hong Kong ranks 3rd in labor market efficiency, 1st in financial market development, and 5th in technological readiness.
Hong Kong's income inequality is rising as the economy is contracting. The rich might be "shielded" from this economic deflation.
Source: World Economic Forum
6. Japan
Kiyoshi Ota/Getty Images
Japan ranks 1st for business sophistication, 4th for innovation, and 6th for health and primary education.
There is continued uncertainty over Japan's economy — household spending fell by 5.9% on the year in July and industry output rose by less than expected.
Source: World Economic Forum
5. Germany
(Photo by Shaun Botterill/Getty Images)
Germany ranks 3rd for business sophistication, 6th for innovation, and 7th for infrastructure.
The Ukraine crisis is slowing down Germany's economy for the fourth consecutive month.
Source: World Economic Forum
4. Finland
Finland ranks 1st for higher education and training, 1st for innovation, and 5th for financial market development.
Finland's economy recently exited a technical recession when Q2 results showed growth following the previous two quarter's contractions. However, Finland's economy is not expected to recover its prefinancial crisis levels until 2017.
Source: World Economic Forum
3. The United States
AP
The U.S. ranks 4th for labor market efficiency, 4th for business sophistication, and 7th for higher education and training.
The U.S. is one of the only developed economies whose GDP is higher today than it was before the financial crisis, and remains a global leader in manufactured goods and technology.
Source: World Economic Forum
2. Singapore
Singapore ranks 1st for goods market efficiency, 2nd labor market efficiency, and 2nd for financial market development.
Singapore's economy grew by 2.4% in Q2 which is greater than the estimated 2.1%. Although analysts were expecting a 0.8% contraction on the year, the GDP expanded by 0.1%.
Source: World Economic Forum
1. Switzerland
Switzerland ranked 1st for labor market efficiency, 2nd for innovation, and 2nd for business sophistication.
Switzerland saw its weakest quarter in two years in Q2 with zero growth. The Swiss National Bank's chairman stated that geopolitical risk may lead to cuts in growth forecasts.
Source: World Economic Forum
And now for something a bit different...
Read more: http://www.businessinsider.com/most-competitive-economies-2014-2014-9?op=1#ixzz3CNdbzMcT
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