U.S. regains title of world's most competitive economy

U.S. regains title of world's most competitive economy

The Russian economy has climbed two spots in an annual rating of the world's most competitive economies published by the World Economic Forum (WEF). Each indicator uses a scale from 0 to 100, to signify how close an economy is to the ideal state or "frontier" of competitiveness.

"The United States achieves the best overall performance", WEF said in a statement.

Among the BRICS economies, China topped the list at 28th place with a score of 72.6, ahead of the Russian Federation (65.6, 43rd), India (62.0, 58th), South Africa (60.8, 67th), and Brazil (59.5, 72nd).

The WEF's "Global Competitiveness Index 4.0" is something of a departure from previous editions of the annual report, in that it has slightly changed its name and updated its methodology in order to - in the report's own words - reflect "the changing nature of economic competitiveness in a world that is becoming increasingly transformed by new, digital technologies".

The Philippines was strongest in market size (32nd), labor market (36th), financial system (39th) and business dynamism (39th).

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Switzerland was previously at number one in multiple WEF competitiveness reports. Germany was third, notable for its macroeconomic stability.

Britain has slipped down the rankings of the most competitive global economies, hindered by weaknesses in health, information and communication technology and skills.

The report measures national competitiveness - defined as the set of institutions, policies and factors that determine the level of productivity. The presidency of Donald Trump in the United States, as well as the UK's vote to leave the European Union, has threatened to drastically alter the status quo in global trade in recent years.

The Philippines, however still lags behind its Asian neighbors in terms of institutions, health, and infrastructure.

This year's index studied drivers of a nation's productivity and long-term growth by asking what areas it must prioritize.

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