Economy

Luxembourg ranks 19th worldwide in terms of competitiveness

The World Economic Forum (WEF) has just published its new comparative study of the competitiveness of 137 countries.

05-benchmarkThe World Economic Forum (WEF) has just published its new comparative study of the competitiveness of 137 countries.

An average of 5.23 out of 7

In its new edition of the comparative study on competitiveness published at the end of September, the World Economic Forum (WEF) reports that Luxembourg has gained one place compared to the past two years, reaching 19th place worldwide among the 137 countries evaluated. On a scale of 1 (the least competitive) to 7 (the most competitive), the Grand Duchy achieved an average of 6.0 for its fundamental requirements in terms of competitiveness (10th worldwide); 5.0 for its efficiency factors (23rd) and 5.1 for its innovation and sophistication factors (16th).  This results in an average score of 5.23.

The indicators to take into account

The degree of competitiveness is measured on the basis of 114 indicators, divided into 3 pillars: 

  • fundamental requirements in terms of competitiveness (institutions, infrastructure, macroeconomic environment, health and primary education);
  • efficiency factors (higher education and vocational training, goods market efficiency, labour market efficiency, development of financial markets, technology adoption, market size);
  • innovation and sophistication factors (degree of sophistication of companies, innovation).

The aim of the World Economic Forum's report, known as the Global Competitiveness Report is to evaluate the potential of world economies and achieve sustained growth in the medium and long term. Talking about competitiveness means adding up 'the set of institutions, policies and factors that determine the level of productivity of a country'.

Global ranking

Switzerland (5.86), the United States (5.85) and Singapore (5.71) top the 2017 global ranking. The Netherlands occupy 4th place (5.66), Germany 5th place (5.65), Belgium is 20th (5.23) and France 22nd (5.18).

(Article written by the editorial team of the luxembourg.lu portal - Source: Observatory for Competitiveness)

  • Updated 11-10-2017