Switzerland moved up two places to second in the annual competitiveness ranking published by the IMD World Competitiveness Center in Lausanne. Hong Kong clinched the top spot.
Hong Kong topped the rankings of the 2016 IMD World Competitiveness Yearbook released yesterday, closely followed by Switzerland. The United States, Singapore and Sweden completed the top five. According to Professor Arturo Bris, Director of the IMD World Competitiveness Center, the common pattern among all these countries “is their focus on business-friendly regulation, physical and intangible infrastructure and inclusive institutions.”
With regard to Switzerland, which improved its position from 4th to 2nd place, Professor Bris said that the country’s small size and its emphasis on a commitment to quality have allowed it to react quickly to keep its economy on top. “Exports have increased and capital influx has increased as well and the GDP has grown,” he explained. “The Swiss economy has performed well, despite the monetary imbalances.”
The index of 61 countries, compiled by the IMD World Competitiveness Center, a research group within IMD business school, is widely regarded as the foremost annual assessment of global competitiveness. It is based on an analysis of over 340 criteria derived from four principal factors: economic performance, government efficiency, business efficiency and infrastructure. A survey of more than 5,400 business executives is also taken into account.