the staff of the Ridgewood blog
Ridgewood NJ, The U.S. economy has regained its status as the world’s most competitive , for the first time since 2008, according to the World Economic Forum’s Global Competitiveness Report. The U.S. scored 85.6 out of a possible 100. The World Economic Forum says the U.S. is the country closest to the “frontier of competitiveness,” an indicator that ranks competitive productivity using a scale from zero to 100.
“America’s vibrant entrepreneurial culture and its dominance in producing a competitive labor market and nimble financial system” partly explain its top ranking, the Global Competitiveness Report says.
The ranking scores 140 economies on multiple drivers of competitiveness, including institutions and polices that drive productivity. Notably, this year the World Economic Forum adjusted its methodology so that its ranking has a better account of an economy’s future competitive advantages, including disruptive businesses and entrepreneurship. Rounding out the top five of the world’s most competitive economies are Singapore, Germany, Switzerland and Japan.
Under President Donald J. Trump, the United States is finally back on top “as the most competitive country in the world, regaining the No. 1 spot for the first time since 2008 in an index produced by the World Economic Forum,” Joanna Sugden reports for The Wall Street Journal.
On CNBC, Jeff Cox reports that job openings hit a record 7.136 million for the month of August, according to the Job Openings and Labor Turnover Survey. “Openings dwarfed the total level of workers looking for jobs, which stood at 6.23 million for that month and fell to 5.96 million in September, recent Labor Department statistics show.”
World Economic Forum’s Global Competitiveness Report uses ten key takeaways for all economies:
1. Competitiveness is not a luxury good.
2. Investing in people is good for social and economic outcomes.
3. Embracing globalization beyond free trade.
4. But open economies must also embrace social protection.
5. Creating an innovation ecosystem goes well beyond research and development.
6. Technology offers a path to economic leapfrogging but only in combination with other factors.
7. Institutions still matter.
8. As do infrastructure and the financial system.
9. In a time of constant change, there is a need for constant agility.
10. Achieving equality, sustainability and growth together is possible – but needs proactive, far-sighted leadership.