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The Most Competitive Economy of Europe

Do you want to know which country has made itself to be the most competitive economy country in Europe? There is a newcomer at the number one position, following up Switzerland and Germany. It is the Netherlands.

Netherland has been honoured with the crown title of having the most competitive economy in Europe. The organization has recently made this announcement of the World Economic Forum’s 2019 Global Competitiveness Index (GCI). This is for many an unexpected achievement because the previous year, the country was left behind in this race on a global platform. It was succeeded in achieving the 6th ranking on a worldwide platform and 3rd rank in the state of Europe.

In 2019, according to the latest Global report, they have ranked almost 141 economies that are all taking into account nearly 99% of the entire world GDP. This whole global report was based on 103 different factors that were equally divided in 12 various pillars such as health, labor market, skills, financial set-up, marketing size, business dynamics, innovation capacity, institutions and so on.

The Netherlands On the Top Ranking List In Europe 

Well this time, Netherland has defeated the countries like Germany and Switzerland in this race to reach the top-ranking spot. Germany and Switzerland were on the top ranking in the global report since 2017. On the worldwide level, Netherland is ranked at the 4th spot inside 2019 index chart. Although the score chart of Netherland in the index is the same as it was in the year 2018. The reason why it has ranked high is that Germany and Switzerland have encountered fewer innovations and development in 2019.

WEF report has appreciated the Government of Netherland and has praised them for bringing such a massive development and innovation in their country in such a less time. Netherland has improved a lot when it comes to its institutional set-up and framework. This country has even scored high in the rest of the factors as well, where much improvement has been witnessed in health and infrastructure category. Their labor workforce has dramatically improved at a high level.  

Does Netherland Need More Improvement?

Nevertheless, Netherland has proved itself to be one of the most influential countries in Europe. But still, some sectors demand massive attention and improvement. They need to always work hard for further development in their innovation department. In this pillar, Netherland has been given a 10th spot on the global ranking. Germany is ranking on 1st spot with Switzerland following the next. To boost the growth of innovation, Netherland with its capital Amsterdam in the lead has. Over the last year the Netherlands is climbing gradually on the innovation raking lists.

The Netherlands has seen a huge influx of innovative business from all over the world. The newcomers are accommodated with their business set up in the Netherlands. Amsterdam, Rotterdam and Eindhoven have innovation campuses acting as incubators, the government offers tax benefits for research and development activities and full support with the development of their products is offered.

List of Top 10 2019 Most Competitive Economy Countries 

  • United States
  • Hong Kong
  • Netherland
  • Japan
  • Switzerland
  • Singapore
  • Denmark
  • United Kingdom
  • Sweden
  • Germany

Well, next year the latest ranking will be announced once again, and we are sure after this ranking so many countries would have started to bring improvement in their development score. Which country will now rank in 2020?

 

 

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Pooja K

Pooja K

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