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Revealed: These are the world's most competitive economies

by LLB Reporter
28th Sep 16 9:47 am

How competitive is the UK?

The UK has been named the seventh most competitive economy in the world by the World Economic Forum.

The ranking named Switzerland the winner for the eighth year in a row followed by Singapore and the US.

However, the economic body warned that countries need to boost trade to continue to grow.

“A 10-year decline in the openness of economies at all stages of development poses a risk to countries’ ability to grow and innovate,” the WEF said.

The UK’s Chancellor of the Exchequer, Philip Hammond, said: “Today’s report by the World Economic Forum, which ranks Britain as the 7th most competitive country, up from 10th in 2015-16, demonstrates our ability to sharpen our edge and improve our competitiveness,” he said.

“This government will build on that progress, as we demonstrate to the world that Britain continues to be highly competitive and open for business.”

Take a look at the top 10 most competitive economies:

1. Switzerland

2. Singapore

3. US

4. Netherlands

5. Germany

6. Sweden

7. UK

8. Japan

9. Hong Kong SAR

10. Finland

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