Switzerland leads ranking of global competitiveness

Posted by | April 15, 2015 | Latest Audit Information & News

According to a recent report published by World Economic Forum (WEF) Audit International, the leading specialists in Internal and External Audit Recruitment across Europe, the US and Asia have learned that Switzerland tops the overall rankings of 144 economies in global competitiveness, followed by Singapore and the United States.

Switzerland holds the position as the most competitive economy for the sixth year running mainly due to its transparent and efficient institutions, well-functioning market and strong innovative powers. The top two economies remain unchanged compared to 2013-2014 ranking.

Economies denominated BRICS presented a mixed performance, China (28th, one place up compared to last year) continued to lead the group, ahead of Russia (53rd), South Africa (56th), Brazil (57th) and India (71st). The gap between China and India has widened from eight places in 2006 to 43 today.

Mentioned report shows Swiss policy of long-term monetary security and political stability has made Switzerland a safe haven for investors, creating an economy that is increasingly dependent on a steady tide of foreign investment. Also, due to the country’s small size and high labor specialization, industry and trade are the keys to Switzerland’s economic livelihood. The service sector has also come to play a significant economic role. As a consequence, Switzerland has achieved one of the highest per capita incomes in the world with low unemployment rates and a balanced budget. 


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