The Grand Duchy ranked 22nd in last year’s WEF ranking. The country had last figured in the top 20 in 2010, when it held 20th place.
In this year’s study, the top ten competitive economies were Switzerland, Singapore, the US, Finland, Germany, Japan, Hong Kong, the Netherlands, the UK and 10th placed Sweden. Luxembourg’s other neighbours Belgium ranked 18th and France ranked 23rd.
The least competitive economies in the world were Burundi, Angola, Mauritania, Yemen, Chad and 144th placed Guinea.
The goal of the rankings is “to build a shared understanding of the main strengths and weaknesses of each of the economies covered, so that stakeholders can work together on shaping economic agendas that can address challenges and create enhanced opportunities”, Espen Barth Eide, managing director of the WEF, said in the report.
The organisation--known for its Davos conference--publishes the well-regarded annual report based on surveys of economic indicators and polls of business leaders in each country covering “12 pillars of competitiveness”. In the Grand Duchy, the research was coordinated by the Luxembourg Chamber of Commerce.
Tops in technology readiness
Among the 12 areas studied in the index--which is part of the Global Competitiveness Report (PDF)--Luxembourg scored best in “technological readiness” where it placed number one in the world. It also scored in the global top ten in the quality of institutions, macroeconomic environment, and goods market efficiency.
In addition, Luxembourg received high marks for financial market development (14th out of 144 economies); infrastructure, innovation and labour market efficiency (each ranked number 16 in the world); and business sophistication (21).
It fared less well in health and primary education (36); higher education and training (43); and market size (96).