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Vietnam Today

Vietnam jumps 12 places in competitiveness

Released at: 23:09, 30/09/2015

Vietnam jumps 12 places in competitiveness

World Economic Forum puts Vietnam in 56th place with a competitiveness score of 4.3.

by Quynh Nguyen

The World Economic Forum (WEF) has released the Global Competitiveness Report (GCR) 2015-2016, in which Vietnam has recorded significant progress compared to last year, increasing 12 places.

There was no change to the Top 3 most competitive economies in the world this year, remaining at Switzerland, Singapore, and the US. In the 140 economies ranked in the GCR, however, there have been some notable changes in positions.

Vietnam is now ranked 56th with a competitiveness score of 4.3, compared to 68th last year.

In Southeast Asia Vietnam is behind Singapore (2nd), Malaysia (18th), Thailand (32nd), Indonesia (37th), and the Philippines (47th), but still ranks higher than Laos (83rd), Cambodia (90th), and Myanmar (131st). China, meanwhile, ranked 28th, with a score of 4.89.

According to GCR, competitiveness includes institutions, policies, and factors that determine the level of productivity in the economy. Productivity determines the level of prosperity a country can achieve.

The report also showed that most developing economies have recovered from the global financial crisis. There are some worrying signs, however, showing that productivity growth in the global economy is not as high as previously. Comparing productivity growth from 2005 to 2015 with 1995 to 2005, many major economies are showing signs of decline, except for India and China.

Top 10 most competitive economies

Ten weakest economies in competitiveness

1. Switzerland

2. Singapore

3. US

4. Germany

5. Netherlands

6. Japan

7. Hong Kong

8. Finland

9. Sweden

10. UK

10. Myanmar

9. Venezuela

8. Mozambique

7. Haiti

6. Malawi

5. Burundi

4. Sierra Leone

3. Mauritania

2. Chad

1. Guinea

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