Technology: Luxembourg ranks among the 11% most technologically competitive economies in the world, according to a new report.
The Grand Duchy is among the top 20 world economies “that are best placed to benefit from new information and communication technologies”, a new study has found. Luxembourg was ranked 16th in the “Networked Readiness Index 2013”, released Tuesday by Geneva-based think tank World Economic Forum and Paris-based business school Insead. That was up from 21st place last year.
The 12th edition of the index “ranks 144 economies based on their capacity to exploit the opportunities offered by the digital age”, the organisations said.
The Grand Duchy placed just below 14th ranked Hong Kong and 15th rated Israel, but above 17th rated Iceland and 18th ranked Australia.
The top five places were held by Finland, Singapore, Sweden, the Netherlands and 5th ranked Norway.
The UK placed 7th, the US was 8th, Germany was 13th, Japan was 21st, Belgium was 24th, France was 26th and Ireland was 27th, while Russia was 56th, China was 58th, Brazil was 60th, India was 68th and South Africa was 70th.
The lowest slots were held by Guinea, Haiti, Chad, Sierra Leone and 144th ranked Burundi.
High “actual usage” in Luxembourg
While the Grand Duchy was 16th overall, it garnered higher rankings in two of the four “pillars” used to develop the ratings. It was 10th highest worldwide in “the actual usage of ICTs” and 13th in “the quality of the regulatory, business and innovation environments”. At the same time, Luxembourg was rated 18th in “the degree of preparedness” and 21st globally in “the societal and economic impacts of ICTs”.
The effective use of technology is of growing importance to the global economy, the WEF--known for its annual Davos conference--and Insead observed. “Digitisation has boosted world economic output by US$193 billion over the past two years and created six million jobs during that period,” for example.
While the Nordic countries are among those that “dominate this year’s index”, the report authors warned that “Europe risks losing out to the United States and Asia unless it boosts investment in its telecoms sector. However, relatively low growth, falling revenues and high dividends paid out to prop up stock prices mean that fixed and mobile operators are unable to come up with the necessary funds.”