Competitiveness 2014-2015 – World Economic Forum report

This years Global Competitiveness Report assesses the competitiveness landscape of 144 economies, providing insight into the drivers of their productivity and prosperity. It contains a detailed profile of every economy and tables and charts with data about the global ranking, with over 100 indicators.

Placed among the 10 most comptetitive in the world are countries that ranked high last year as well, but in a slightly different order. Switzerland maintained the title of the most competitive world economy for the 6th year in a row, thanks to efficiency, innovation and macroeconomic stability. As for the risk for Switzerlands competitiveness , the report states it is the difficulty for companies and institutions in finding the talented individuals necessary for maintaining the high level of innovation.

The second place belongs to Singapore , while the USA climbed from 5th place to 3rd place this year. Finland has gone from 3rd to 4th place, followed by Germany in 5th place. Japan advanced 3 ranks and found itself in the 6th position. Hong Kong kept 7th place, and the Netherlands kept 8th, while Great Britain advanced one place is now in the 9th position. Sweden dropped down 4 places and is now in the 10th place.

Countries in the region had a slight change in rank compared to last year, Croatia fell from 75th place to 77th, Slovenia from 62nd to 70th, while Serbia advanced from 101st to 94th place, and Montenegro kept it’s last years position. Bosnia and Herzegovina was in 87th place last year, however this year it is not on the competitiveness list of the World Economic Forum.

In the case of Bosnia and Herzegovina, the problem noted was a high degree of inconsistency in data and its analysis, as well as the results of them in the last 4 years. What was stated was not backed by the status in the field. Because of this fact, Bosnia and Herzegovina was excluded from the competitiveness report, although efforts will be continued in order to establish cooperation with the institutions that will help enhance the process of data reliability with the goal of including BiH in the Report again.

Bad economic situation , slow legislation process, and unstable environment for investors, high rates of unemployment, corruption and a continuated political insecurity must have contributed to the fact that BiH was excluded from this document.

This years report includes 144 countries, but because of data inadequacy Benin, Bosnia and Herzegovina, Brunei Darussalam, Equador and Liberia were not included. On the other hand, Tajikistan that was excluded because of the same problem last year, was included this year.

Components of competitiveness are grouped into 12 pillars.

1)  Institutions
2)  Infrastructure
3)  Macroeconomic environment
4)  Health and primary education
5)  Higher education and training
6)  Goods market efficiency
7)  Labor market efficiency
8)  Financial market development
9)  Techological readiness
10)  Market size
11)  Business sophistication
12)  Innovation

Source : Bulletin / Federal Institute for Development Programming