Vietnam falls in Global Competitiveness Index | Vietnam+

Illustrative image of a competition

This is according to the key finding of the World Economic Forum's (WEF) Global Competitiveness Report, which was published today.

For the first time since the onset of the Great Recession, the United States has topped the World Economic Forum's Global Competitiveness rankings.

Former global competitiveness leader Switzerland garnered 82.6 points, after nine years at the top of the WEF ranking.

The rest of Southeast Asia was scattered across the rankings, with Indonesia in 45, Philippines (56), Brunei (62), and Vietnam (77).

"China, is already more advanced when it comes to investing in research and development sub-pillar than the average high-income economy, while India is not far behind and let down only by its less-efficient bureaucracy for business creation and insolvency", the report said, as per a PTI report. The US remains top of the list, followed by Singapore, Germany and Switzerland.

The report argues that numerous key factors that will drive future economic growth, such as idea generation, entrepreneurial culture, openness and agility, have not yet been the focus of major governmental policy making.

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At the same time, the world is still in its recovery phase following the global financial crisis, which marked its ten-year anniversary this year.

South Korea stood at 19th and 27th in terms of health and skills, with the numbers for product market, labor market, financial system and market size being 67th, 48th, 19th and 14th, each, the report showed. Europe's largest economy, Germany, has a strong ability to mater business innovation processes - resulting in macroeconomic stability, worker skills, business dynamism, and overall innovation capability. Market size reached 71 points, ranked 29th, and macroeconomic stability reached 75 points, ranked 64th. With this Report, the World Economic Forum proposes an approach to assess how well countries are performing against this new criterion.

"With opportunities for economic leapfrogging, diffusion of innovative ideas across borders and new forms of value creation, the Fourth Industrial Revolution can level the playing field for all economies".

This is considered to be the most important determinant of long-term growth.

There is always room for improvement, of course, and the rankings give us food for thought on that as well; any pillar on which the United States falls out of the top tier is certainly worth contemplation and potential remediation.

WEF founder Klaus Schwab cited understanding and openness to new technologies as fundamental to a country's competitiveness.

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