Health and IT push Britain down global league table

Health and IT push Britain down global league table

In terms of its ranking across specific pillars this year, Bangladesh was placed in the 108th position on the index for institution, 109th for infrastructure, 102nd for ICT adaptation, 88th for macroeconomic stability, 96th for health, 116th for skills, according to Global Competitiveness Report 2018 released on Wednesday.

On the list of 140 economies, the USA is followed by Singapore and Germany in the second and the third positions respectively.

The U.S. economy sits atop of the World Economic Forum's annual global competitiveness survey for the first time since the 2007-2009 financial crisis, benefiting from a new ranking methodology this year, the Swiss body said on Tuesday.

The highest mark possible is 100 points, an imaginary ideal "frontier" of economic competitiveness.

The last time the USA topped the list was 2008.

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In addition to ranking countries, the report makes a number of general assessments regarding the overall competitiveness and health of the world economy.

Among countries in the Association of Southeast Asian Nations (ASEAN), Singapore remains the most competitive, followed by Malaysia, Thailand, and Indonesia, and the Philippines. The US scores 85.6 in total, ahead of Singapore (83.5), Germany (82.8), Switzerland (82.6), Japan (82.5), the Netherlands (82.4), Hong Kong (82.3), the United Kingdom (82.0), Sweden (81.7) and Denmark (80.6) in the top ten. "America's vibrant entrepreneurial culture and its dominance in producing a competitive labor market and nimble financial system 'are among the several factors that contribute to making the U.S.' innovation ecosystem one of the best in the world'".

Importantly, the plan needs to demonstrate a strong sense of collaboration between the public and private spheres, the different sectors in the economy and with other economies, he said.

"Embracing the Fourth Industrial Revolution has become a defining factor for competitiveness", Klaus Schwab, founder and executive chairman of the World Economic Forum, is quoted in the report.

"With this report, the World Economic Forum proposes an approach to assess how well countries are performing against this new criterion". "It takes time between an announcement, implementation and the impact of a change in policy".

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