Vietnam jumps 5 places on global competitiveness rankings

(Baonghean) -According to the World Economic Forum (WEF) Global Competitiveness Report on September 27, the top three positions this year remain unchanged, with Switzerland, the US and Singapore in the top 10. In the top 10, there are 6 European representatives, 3 Asian representatives and 1 American representative.

Global Competitiveness Assessment Map. Photo: EPA

The WEF's assessment criteria are divided into three main groups, including: Basic requirements (macroeconomics, basic education - health, infrastructure, institutions); Performance enhancement factors (higher education and training, labor market efficiency, goods market efficiency, financial system development, technological level, market size) and Sophistication - breakthrough factors (sophistication of the business system, breakthrough ability). The number of countries participating in the survey this year is 137, 1 less than last year. WEF evaluates countries on a 7-point scale.

Other Asian countries that improved their competitiveness rankings include Malaysia (23rd), China (27th), Thailand (32nd) and the Philippines (56th). However, Japan has dropped in the rankings for the past two years and is ranked 9th. India, which has risen in the rankings for two years in a row, has dropped one place to 40th.

Vietnam is currently ranked 55th, up 5 places from last year and 20 places from 5 years ago.

In Europe, some countries have actively improved their positions, such as Russia, ranked 38/137 countries, up 5 places compared to 43/138 in 2016, thanks to the improvement in the quality of the macroeconomic situation (moving from 91 to 53), mainly focusing on saving growth and reducing inflation. During the period 2012-2017, Russia's position has continuously improved, increasing 29 places.

This year, the report notes, the next 10 years will be fraught with threats from the global financial crisis and the prospects for economic recovery. Monetary easing is not enough to sustain growth, and countries need to reform their competitiveness.

In addition, updating business methods and focusing on investment in creativity and innovation are as important as infrastructure, skills and effective markets, towards the 4th industrial revolution.

“Global competitiveness is increasingly determined by the creative potential of each country. The world is moving from the era of capitalism to the era of talent, so talent becomes more important than capital investment. Countries need to proactively prepare for the 4th industrial revolution, while enhancing comprehensive innovation from the political, economic and social systems, to increase competitiveness in the coming time,” concluded Klaus Schwab, founder and Chairman of WEF./.

America Russia

(According to TASS)