The report kicks off with WEF noting that the “global economy seems to be finally leaving behind the worst and longest-lasting financial and economic crisis of the last 80 years”.
And, believe it or not, that much of the growth in recent years is attributable to “the extraordinary and bold monetary policies in countries such as the UK”.
Britain’s competitive edge largely stems from “gains derived from lower levels of fiscal deficit and public debt” and the country’s ability to adopt technology to enhance productivity.
WEF goes on to say that Britain benefits from an ICT uptake that “is one of the highest in the world” – second, in fact,
“In addition to these more favourable macroeconomic conditions, the UK continues to benefit from an efficient labor market and a high level of financial development, despite the recent difficulties in parts of its banking system and the fact that the difficult access to loans remains the most problematic factor for doing business,” the report said.
In the lead, Switzerland remains the most competitive country in the world, followed by Singapore, the US, Finland, and Germany.
WEF explains that “the leading economies in the index all possess a track record in developing, accessing and utilising available talent, as well as in making investments that boost innovation”.
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