The World Economic Forum released its 2012-13 Global Competitiveness Rankings recently.
It’s pleasing to see the UK move up two places in the Global competitiveness Index to 8th overall. The ranking is part of the WEF’s 2012-13 Global Competitiveness Report. Go to page 358 of the report to see the detail behind the UK’s position, and what the report views as the The most problematic factors for doing business. The top two problems, by a long way, they identify are access to funding and tax rates.
In the report’s Country Highlights of the top 10 nations, it says this about the UK,
The United Kingdom (8th) continues to make up lost ground in the rankings this year, rising by two more places and now settling firmly back in the top 10. The country improves its performance in several areas, benefitting from clear strengths such as the efficiency of its labor market (5th), in sharp contrast to the rigidity of those of many other European countries. The United Kingdom continues to have sophisticated (8th) and innovative (10th) businesses that are highly adept at harnessing the latest technologies for productivity improvements and operating in a very large market (it is ranked 6th for market size). The financial market also continues its recovery, ranked 13th, up from 20th last year. All these characteristics are important for spurring productivity enhancements.
The good news is that UK’s competitiveness continues to improve, moving up from 12th in the 2010-11 report, to 10th in the 20111-12 report, and to 8th place in this year’s report.