In the WEF’s database of 114 criteria, which include factors such as healthcare availability, employment systems and the macro-economic environment, the UK’s strong digital landscape, world-leading institutions, strong connections to the international economy and business-friendly regulatory system, were cited as some of the main factors in this year’s elevation in their global ranking.
Of other European economies in the report, the Netherlands, Germany and Sweden ranked above the UK. In the top spot was Switzerland, followed by Singapore and the United States of America.
As a caveat to this good news, the WEF did state that the UK’s wide exposure to the global economy, its high reliance on imported goods and its economic indebtedness, with both a current and budget deficit, adversely affected the overall score. The WEF went on to say: “Although the process and the conditions of Brexit are still unknown, it is likely to have a negative impact on the UK’s competitiveness.”
Meanwhile though, the new Chancellor of the Exchequer, Philip Hammond, stated that these results: “demonstrate our ability to sharpen our edge and improve our competitiveness.”
He went on to add: “This government will build on that progress, as we demonstrate to the world that Britain continues to be highly competitive and open for business.”
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