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The Global Competitiveness Index 20152016 Rankings

The Global Risks 2015 Report

Insight Report

Global Risks 2015

10th Edition

The Global Competitiveness

and Risks Team measures the
drivers of social and economic
development through a set of
proprietary global indexes and
conducts an annual assessment
of global risks. Its research
serves as a platform for
multi-stakeholder dialogue and
public-private cooperation for
better policymaking and more
resilience.

Every year since 2006, this report assesses the global risks landscape
and analyzes the complex interconnections among key risks. Drawing
on the perspectives of leading experts, the report aims to stimulate
multi-stakeholder dialogue around the world on how to address,
mitigate, and prepare for the most significant risks.
Visit www.weforum.org/risks.

The Global Information Technology Report 2015

Launched in 2001, The Global Information Technology Report series
features the Network Readiness Index, an annual assessment of the
factors, policies and institutions that enable a country to fully leverage
information and communication technologies (ICTs) for increased
competitiveness and well-being. Under the theme ICTs for inclusive
growth, the 2015 edition evaluates 143 economies and showcases
practical solutions to allow everyone to participate in and benefit from
the ICT revolution. Visit www.weforum.org/gitr.

The Travel & Tourism Competitiveness Report 2015

This report assesses economies based on the policies they are
implementing to develop the travel and tourism sector. It explores
how the travel and tourism industry has the potential to boost economic
resilience and job creation, and examines a number of factors that
continue to hinder its development. Visit www.weforum.org/ttcr.

Covering 140 economies, the Global Competitiveness Index 20152016 measures

national competitivenessdefined as the set of institutions, policies and factors that
determine the level of productivity.
Insight Report
Insight Report

The
Global
The Global
Competitiveness
Report
Competitiveness Report
20152016
20152016
Highlights

The Africa Competitiveness Report 2015

The Africa Competitiveness Report highlights areas that require
policy action and investment to ensure Africas sustained growth. The
Report, which is the result of a long-standing collaboration, leverages
the knowledge and expertise of the African Development Bank, the
Organisation for Economic Co-operation and Development (OECD), the
World Bank Group, and the World Economic Forum to present a joint
vision to inform policies that can help Africa transform its economies.
Visit www.weforum.org/acr.

Acknowledgements
The World Economic Forums Global Competitiveness and Risks Team is pleased to acknowledge and
thank its network of valued Partner Institutes, without which the realization of The Global Competitiveness
Report 20152016 would not have been possible. Partner Institutes typically consist of leading research or
academic institutes, business organizations, national competitiveness councils or recognized professional
entities, committed to improving the competitiveness of their economy. By being responsible for the
administration of the Executive Opinion Survey in their countries, the Partner Institutes provide the Forum
with a representative sample of data, which allows the research to be carried out.
Switzerland
91-93 route de la Capite,
CH-1223 Cologny/Geneva
T +41 (0) 22 869 1212
F +41 (0) 22 786 2744
gcp@weforum.org

weforum.org/gcr

About the World Economic Forum

The World Economic Forum is an international institution committed to
improving the state of the world through public-private cooperation in the
spirit of global citizenship. It engages with business, political, academic and
other leaders of society to shape global, regional and industry agendas.
Incorporated as a not-for-profit foundation in 1971 and headquartered in
Geneva, Switzerland, the Forum is independent, impartial and not tied to any
interests. It cooperates closely with all leading international organizations.

Klaus Schwab, World Economic Forum

Economy

Score1 Prev. 2 Trend3

Switzerland

5.76

Singapore

5.68

United States

Economy

Score1 Prev. 2 Trend3

48

Malta

4.39

49

South Africa

4.39

5.61

50

Panama

Germany

5.53

51

Netherlands

5.50

Japan

5.47

Hong Kong SAR

5.46

Finland

5.45

Economy

Score1 Prev. 2 Trend3

47

95

El Salvador

3.87

84

56

96

Zambia

3.87

96

4.38

48

97

Seychelles

3.86

92

Turkey

4.37

45

98

Dominican Republic

3.86

101

52

Costa Rica

4.33

51

99

Kenya

3.85

90

53

Romania

4.32

59

100

Nepal

3.85

102

54

Bulgaria

4.32

54

101

Lebanon

3.84

113

55

India

4.31

71

102

Kyrgyz Republic

3.83

108
106

Sweden

5.43

10

56

Vietnam

4.30

68

103

Gabon

3.83

10

United Kingdom

5.43

57

Mexico

4.29

61

104

Mongolia

3.81

98

11

Norway

5.41

11

58

Rwanda

4.29

62

105

Bhutan

3.80

103

12

Denmark

5.33

13

59

Slovenia

4.28

70

106

Argentina

3.79

104

13

Canada

5.31

15

60

Macedonia, FYR

4.28

63

107

Bangladesh

3.76

109

14

Qatar

5.30

16

61

Colombia

4.28

66

108

Nicaragua

3.75

99

15

Taiwan, China

5.28

14

62

Oman

4.25

46

109

Ethiopia

3.75

118

16

New Zealand

5.25

17

63

Hungary

4.25

60

110

Senegal

3.73

112

17

United Arab Emirates

5.24

12

64

Jordan

4.23

64

111

Bosnia & Herzegovina

3.71

n/a

18

Malaysia

5.23

20

65

Cyprus

4.23

58

112

Cape Verde

3.70

114

19

Belgium

5.20

18

66

Georgia

4.22

69

113

Lesotho

3.70

107

20

Luxembourg

5.20

19

67

Slovak Republic

4.22

75

114

Cameroon

3.69

116

21

Australia

5.15

22

68

Sri Lanka

4.21

73

115

Uganda

3.66

122

22

France

5.13

23

69

Peru

4.21

65

116

Egypt

3.66

119

23

Austria

5.12

21

70

Montenegro

4.20

67

117

Bolivia

3.60

105
120

24

Ireland

5.11

25

71

Botswana

4.19

74

118

Paraguay

3.60

25

Saudi Arabia

5.07

24

72

Morocco

4.17

72

119

Ghana

3.58

111

26

Korea, Rep.

4.99

26

73

Uruguay

4.09

80

120

Tanzania

3.57

121

27

Israel

4.98

27

74

Iran, Islamic Rep.

4.09

83

121

Guyana

3.56

117

28

China

4.89

28

75

Brazil

4.08

57

122

Benin

3.55

n/a

29

Iceland

4.83

30

76

Ecuador

4.07

n/a

123

Gambia, The

3.48

125

30

Estonia

4.74

29

77

Croatia

4.07

77

124

Nigeria

3.46

127

31

Czech Republic

4.69

37

78

Guatemala

4.05

78

125

Zimbabwe

3.45

124

32

Thailand

4.64

31

79

Ukraine

4.03

76

126

Pakistan

3.45

129

33

Spain

4.59

35

80

Tajikistan

4.03

91

127

Mali

3.44

128

34

Kuwait

4.59

40

81

Greece

4.02

81

128

Swaziland

3.40

123

35

Chile

4.58

33

82

Armenia

4.01

85

129

Liberia

3.37

n/a

36

Lithuania

4.55

41

83

Lao PDR

4.00

93

130

Madagascar

3.32

130

37

Indonesia

4.52

34

84

Moldova

4.00

82

131

Myanmar

3.32

134

38

Portugal

4.52

36

85

Namibia

3.99

88

132

Venezuela

3.30

131

39

Bahrain

4.52

44

86

Jamaica

3.97

86

133

Mozambique

3.20

133

40

Azerbaijan

4.50

38

87

Algeria

3.97

79

134

Haiti

3.18

137

41

Poland

4.49

43

88

Honduras

3.95

100

135

Malawi

3.15

132

42

Kazakhstan

4.49

50

89

Trinidad and Tobago

3.94

89

136

Burundi

3.11

139

43

Italy

4.46

49

90

Cambodia

3.94

95

137

Sierra Leone

3.06

138

44

Latvia

4.45

42

91

Cte dIvoire

3.93

115

138

Mauritania

3.03

141

45

Russian Federation

4.44

53

92

Tunisia

3.93

87

139

Chad

2.96

143

46

Mauritius

4.43

39

93

Albania

3.93

97

140

Guinea

2.84

144

47

Philippines

4.39

52

94

Serbia

3.89

94

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Advanced
Economies

Middle East,
North Africa, and Pakistan

Emerging and
Developing Asia

Latin America
and the Caribbean

Commonwealth of
Independent States

Emerging and
Developing Europe

Sub-Saharan
Africa

Note: The Global Competitiveness Index captures the fundamentals of an economy. Recent developments, including currency (e.g., Switzerland) and commodity price fluctuations (e.g., Azerbaijan, Qatar, Saudi
Arabia), geopolitical uncertainties (e.g., Ukraine), and security issues (e.g., Turkey) must be kept in mind when interpreting the results.
1 Scale ranges from 1 to 7.
2 2014-2015 rank out of 144 economies.
3 Evolution in percentile rank since 2007.

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GCI
GCI score
score
4
5

41

RS

Cyprus (55)
Malta (56)
Trinidad & Tobago (84)

-2

-3

High income OECD

(26)

7
Commonwealth
ofof
Emerging
and
Developing
Emerging
and Developing Advanced
and
Developing
Middle
East,
North
Emerging
andand
Developing
Middle East,
Middle
North
East,
Emerging
Northand
Africa,
Developing
Middle
East,
North
Africa,
Commonwealth
Commonwealth
of
Commonwealth
ofEconomies
Commonwealth
of
Commonwealth
of
Advanced
Economies
Emerging
and
Developing
EuropeAfrica,
Emerging
and
Developing
Asia
Middle
East,Africa,
North
Africa,
and
Pakistan
Latin
America
and
the
Emerging
Developing
Asia
Economies
Advanced
Emerging and Developing Emerging
Asia
Advanced
Economies
Emerging
Advanced
and
Latin
Developing
America
Economies
and
Asia
the Caribbean
Emerging
and
Developing
Sub-Saharan
Asia
Latin
America
Africa
Latin
and
America
the
Caribbean
and
Emerging
theCaribbean
Caribbean
and Developing Asia
Independent States
Independent
States
Independent
Independent
States
States
Independent
States
Independent
States
Europe
Europe
Europe
and
Pakistan
Europe
and
Pakistan
and
Pakistan
Europe
and
Pakistan
6
1
1
6

51
2
2
7

53
3
3
8

54
4
4
9

60
5
5
10

63

Other high income

(16)

6
611

70
7
7
12

77
8
8
13

93
Argentina (85)
Serbia (91)
Venezuela (98)

Upper-middle income
(24)

gionalRegional
Rankings
Rankings

9
10 11
7
7
6
6
8
8
9
9
10
10 11
14 17
12 13
14 17
14
14 17
14 17
AVG.
15 16
12 AVG.
AVG.9 10 11 12 13
AVG.15 16 19 1420 1721
16 19 20
18
1819 20 21 22
18
18
13 15 16 18
17 25AVG.
15 16 11
21 22
22 23
23 24
24 1826
19 12
20 13
21 15
21
22 23 19
23 24 26
24 20
2522 23 24 26
25
25
25
25
27
26 27
26 27
27
27
28
28
28
28
28
28
29 30
30 31
29 30 31
29
29
29
30
30
32 37
31 33
31 33 40
31 33 36
33 36
35
36 38
32 38 37
32 37
32
32 37
32 37
34 39
33
39
38
35
35
35
35
35
36
36
34
34
34
34
34 39
39
39
39
38
38
37
42
41
43
AVG.
44 48
46 49
40 42 45
40 42 45
40 42 AVG.
40 42AVG.
40 AVG.
45
AVG.
42 5045 52
AVG.50AVG.
41 51 AVG.
43 47 44 48
43 44
43AVG.
AVG.
AVG.
44
46 49
46
51 53
48 59
54 60AVG.
53 54
45
4543 44 48
AVG.
AVG.
AVG. 46 49 4158 51 53 54
AVG.
47 55 56
AVG.
AVG.
AVG.
AVG.
AVG.
50 52 47574155 5156 53 54 47
50 52
50
49 58
53 54 60 41 51
4760 55 56
47 55 56
AVG.
AVG.
AVG.
61 69
63 6270
55 56 59 65
55 56 68
58 69
52 57 61 69 50 5266 57
66 48 59 65
69 73
62 64
57 61
57
59 65
59 64
64 72
60 63
60 63
61 69 68
61
63 70
63 70 68
70 64 72
65 67
66
66
66
66
AVG.58 71
62
62
62 64 72
64 72
65 72
AVG.
AVG.
AVG.68
AVG.
71
68
68 83
76 62
73 75 76
73 75 76 7870 77
7384 75
67
67 81
67 81
67 74
77
7172 8574
71 73
74
75 76
81
78 86 88
76 78
82 84
79 80
80 82
84
77
77 83
77
85 75
74
74
74
81
78
78
82
82
82
79 80 82 84
79
79
79
79
80
80
80
84
84
85
85
83 90 81
83
83
83
87
93
92
90
91
96 97
86 88 89
86 88 89
89 95
87 92
87 98
94 87 92
93 94
93 94
93 9094 100
92
90 100 10486 8893 8994
90 100
90 100 104
9187 9692 97
91 96 97 99 103 91 96
88 89 9587 92
97 86
100 98
99
94
103
104
100 104 105
105
101
99
99
103
103
104
104
106
95
95
95
98
98
98
AVG.
109
105
105
105
105
107
111
101
101108
101
101
101 108
108 117 118
108
110 112
106 108
106 108
106
109 110 111
109 110 112 113 114 109
107
107
107
107 115
107
111
111
111
111
112 106
113
114 117
108
108
108
108
108
115 118
112 113 114
114
116
115 110
119
117 118 121
117 118 121
120
116
116
116
116 117 118 121
116 115
121
119 120 122 123
119 120 113
119 121
120 122 123
122 123
123 124 125
126
124 125 127 128
124
126
126
126
126
126 125 127 122
125
128 129 124
131
132
129 130 133
131
131
131
131
131
132
132
132
132
130 133
134
134
134
134
134
138
135
136
138
138
138
138
138
137 139
140

GCI score

-1

GCI score

1
United States (1)
Switzerland (2)
Denmark (3)

Paraguay (121)
Lesotho (124)
Guyana (126)

0
Zimbabwe (129)
Burundi (130)
Chad (131)

Italy (46)
Hungary (47)
Greece (65)

Lower-middle income
(30)
Low income
(21)

Sources: World Economic Forum; IMF

Note: The GCI 20072008 rank out of 131 appears next to the country name. The number of economies included in each group is indicated in
parentheses along the x-axis

Beyond the vision, enhancing competitiveness

is a complex and often protracted process that
demands difficult trade-offs, careful consideration
for sequencing reforms and room for calibration in
changing conditions. Steering the course towards
enhanced competitiveness requires vigilance and
commitment from all stakeholders and throughout
the process, for which the Report serves as a
guide and monitoring tool.

Regional Rankings

90100%

Most

8090%

competitive

7080%
6070%

5060%

3040%

4050%

2030%
1020%
010%

Least

competitive

Not covered

Note: Unless mentioned otherwise, the ranks

cited in the country and regional highlights are
the Global Competitiveness Index overall rank
among 140 economies.

There is a wide
competitiveness divide
among economies in Latin
America and the Caribbean.
Once again, Chile (35th)
leads the regional rankings
and Brazil continues its
downward trend, dropping
18 places to 75th. The region
must build resilience against
external economic shocks
and infrastructure, skills
and innovation areas in
which the region performs
relatively poorly are among
the fundamentals to be
strengthened.

Middle East and

North Africa

South Africa

South Africa reverses its downward trend, going

up to 49th, largely due to an increased uptake
of ICTs and improvements in innovation. The
country boasts the continents most efficient
financial market (12th) and an efficient transport
infrastructure (29th). Among many challenges,
South Africa needs to address persistent
inefficiencies in its labour market (107th), as well
as unsatisfactory health (128th) and education
(120th) outcomes.

Stark differences in
competitiveness characterize
the Middle East and North
Africa region. While many GCC
countries are fairly competitive,
the Levant and North Africa
lag significantly behind. Recent
progress in many countries
could be undone by spreading
geopolitical conflicts, the
recent drop in energy prices
and terrorism. Generating the
right conditions for the private
sector to grow will be crucial for
creating sufficient employment
opportunities for the regions
youthful populations.

MiddleSub-Saharan
East,
Africa,
Sub-SaharanAfrica
Africa
Latin America
and North
the Caribbean
Sub-Saharan
Africa
and Pakistan

Business sophistication

Efficiency and sophistication of

business processes in the country

Regional Rankings
7

46 49
52 57 5861

127
127 128
128 129
129 130
130 133
133 135
135 136
135 136 137
136 137
137 139
139 140
139 140
140

69
71 8573 75 76 78
86 88 89
AVG.
103 109
AVG. 91 96 97 99AVG.
46 49
58
AVG.
71 85
91 96
95
98
106114
108115
110 112 113
117 119
118120
121122
123 124 125 127 128
129 130 133
132
134
135 136

Technological readiness

2
2

1
1

Adoption of the technologies by

individuals and businesses.
Technological adoption
ICT use

INNOVATION
SOPHISTICAT AND
ION

Latin America
MAURITANIA

Join the Conversation

Growth recovery in unchartered territory will

require recognizing that we need a shared
assessment and understanding of the future
sources of competitiveness. By reducing
complexity and providing a tool to identify
strengths and weaknesses and track progress,
the Report serves to inform and support policymakers, businesses and civil society in their
development of a shared, long-term vision.

Global Competitiveness
Index Percentile Rank

Colombia ranks 61st, up 5

places, improving for the second
year in a row, which reflects
continued efforts to improve
competitiveness. The countrys
performance is relatively
stable across most pillars, with
small improvements on most
dimensions compared with last
year. Yet, further improvement in
the quality of the education system
and in the countrys institutional
framework are needed to achieve
a higher level of competitiveness.

Progressing for the third consecutive year,

Vietnam is 56th (up 12). Challenges are plenty,
most notably in higher education, technological
adoption and business sophistication. However,
trends are overwhelmingly positive. The country
reflects the dynamism of the South East Asian
region, where the five largest ASEAN members
Malaysia (18th), Thailand (32nd), Indonesia
(37th), the Philippines (47th) and Vietnam all
rank in the top half of the overall GCI.

Institutions

Concepts related to protection of property rights,

efficiency and transparency of public administration,
independence of the judiciary, physical security,
business ethics and corporate governance

Capacity for, and commitment

to technological innovation

Market size
H
E F FIC IE N C Y E N

Latin America and the Caribbean

Sub-Saharan
Africa
Domestic
market size

Size of the domestic and export markets

97

AN

Efficiency
Trustworthiness and confidence

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2
Malaysia (21)
Chile (26)
Lithuania (38)

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Colombia

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4
Singapore (7)
Korea, Rep. (11)
Hong Kong SAR (12)
Vietnam (68)
Pakistan (92)
Nigeria (95)

Vietnam

Partner Institutes

81
3

3 least competitive economies

This holds even truer in the post-crisis years,

which coincide with a fundamental shift away from
the traditional manufacturing industry while the
widespread use of ICT is generating entirely new
industries and disrupting others. Talent-driven
economies are best equipped to adapt to the
changes brought about by this tech revolution and
to reap their benefits.

The United States retains 3rd place.

While many risks, arguably, loom on
the horizon, the countrys recovery can
build on improvements in institutions,
the macroeconomic environment
and the financial markets. The
countrys major strength is its unique
combination of exceptional innovation
capacity, large market size and
sophisticated businesses.

To produce The Global Competitiveness Report, as well as other

regional and industry benchmarking reports, the World Economic
Forum relies on a large set of data sourced from international organizations such as the World Bank, the United Nations and the International
Monetary Fund, and from its own annual Executive Opinion Survey.

Infrastructure

Quality and availability of transport, electricity

and communication infrastructures

99 103 109
AVG.
110 112 113 114 115
119 120 122 123
124
Financial market
development

137 139
140

Efficiency, stability and trustworthiness of

the financial and banking system

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5
Thailand (28)
China (34)
India (48)

United States

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VG.
2

3 most competitive economies

At the heart of an economys competitiveness is

its capacity to leverage talent. High unemployment
figures weigh heavily on societies, risking not only
prolonged lower demand but also the de-skilling
of a significant segment of the labour force and
growing discontent.

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Average growth rates of the most and least competitive economies, by income group
Average growth rate, 200714

Leveraging the human factor

In Southern Europe, Spain

(33rd), Portugal (38th) and Italy
(43rd) continue to show some
improvements, especially in the
functioning of their market in
labour and goods. Greece (81st)
fails to improve and remains by
far European Unions weakest
performer. Access to finance
remains the main drag to
competitiveness across the region.

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During the crisis, the more competitive economies

systematically outperformed the least competitive
in terms of economic growth: they either withstood
the crisis better or recovered more quickly. This
result holds true at every stage of development
(see chart).

Southern Europe
Stable at 28th, well ahead of the
other BRICS economies, China faces
new challenges. After years of rapid
growth, quick and easy productivity
gains are dwindling. Building on
its strong foundations, China must
pursue market-oriented reforms,
promote entrepreneurship and
nurture talent to continue to move up
the value chain.

News releases

The Report shows that competitiveness

understood as higher productivity is a key
driver of growth and resilience. The historic
proportions of the economic crisis and the relative
performance of economies since its onset in 2008
have shed light on how structural weaknesses
can exacerbate the effects of, and hinder recovery
from shocks.

For example, Switzerland, ranked 1st in the

Report, has since 2007 experienced only a mild
recession in 2009 and its unemployment rate
has remained around 3% throughout the crisis.
Meanwhile, Greece, ranked 81st, has seen its
economy shrink by 25% and the jobless rate
remains above 20%.

China

Rankings

Despite substantive efforts to re-ignite recovery, global economic growth remains low
and unemployment persistently high. The Global Competitiveness Report 2015-2016
calls for productivity-enhancing reforms to break with this pattern.
Switzerland tops the ranking for
the seventh consecutive year.
The very strong fundamentals
explain the countrys remarkable
resilience throughout the crisis. In
particular, the country excels at
nurturing and attracting talent, which
powers a remarkable innovation
ecosystem (1st). In the face of
increased competition and rising
costs, Switzerland must retain its
innovation edge. It must address
the challenges of skills shortage and
unfavourable demographics, while
avoiding the pitfalls of populism and
complacency.

Opinions and articles

Addressing constraints to growth on the supply

side could go a long way to restoring growth.
Through a systematic assessment of the drivers of
productivity, the Report identifies priority areas for
structural reforms.

Competitiveness drives resilience

Switzerland

Videos

Seven years after the beginning of the financial

crisis in 2008, its consequences are still being
felt around the world. The recovery has been
less robust, more uncertain and taken longer
than many expected, suggesting a new
normal of subdued economic growth, lower
productivity growth and high unemployment.
Recent geopolitical shocks from the crisis in
Ukraine to conflicts in the Middle East, terrorism
and the migrant crisis have added to economic
difficulties.

The Global Competitiveness Map

Country scorecards

Reforms to improve productivity needed to break out of the new normal

About the Global Competitiveness Index

Competitiveness is defined as the set of institutions, policies and factors that

determine a countrys level of productivity. The level of productivity, in turn,
sets the level of prosperity that can be reached by an economy.

Since 2005, the World Economic Forum has based its competitiveness analysis on
the Global Competitiveness Index (GCI), a comprehensive framework that measures
the microeconomic and macroeconomic foundations of national competitiveness,
grouped into 12 categories.
The Survey captures invaluable information on a broad range of economic and social factors, for which data sources are non-existent,
too scarce, unreliable, or outdated. In 2015, the Survey captured the
opinions of over 14,000 business executives.

The GCI Framework: The 12 Pillars of Competitiveness

Macroeconomic environment

Fiscal and monetary indicators, savings rate and

sovereign debt rating

Transport infrastructure
Electricity & telephony infrastructure

Public institutions
Private institutions

Health & primary education

State of public health, quality and quantity of

basic education

Innovation
BASIC REQUIREM
EN
TS

Health
Primary education

Higher education & training

Quality and quantity of higher education, and

quality and availability of on-the-job training
Quantity of education
Quality of education
On-the-job training

CE

Goods market efficiency

Sub-Saharan Africa
Factors that drive the intensity of domestic and
foreign competition, and demand conditions

Foreign market size

Competition
Quality of demand conditions

125 127 128 129

130 133
135 136 137
139 140

Labour market efficiency

AVG.

Labour market efficiency and flexibility, meritocracy and gender parity in the workplace
Flexibility
Efficient use of talent