Tags: Competitiveness | WorldEconomicForum

“Nurturing innovation and talent” has kept those three nations on top, according to a report on 140 countries published Wednesday by the Geneva-based WEF. “In many countries, too few people have access to high-quality education and training, and labor markets are not flexible enough.”

Many emerging markets have failed to improve their competitiveness since the global financial crisis, according to the forum, which cut Brazil’s ranking by 18 places to 75th and has Turkey dropping six to 51st. While India rebounded to 55th after five years of decline, China’s failure to improve on its 28th spot shows the challenges it faces in “transitioning its economy,” the WEF said.

“The new normal of slow productivity growth poses a grave threat to the global economy and seriously impacts the world’s ability to tackle key challenges such as unemployment and income inequality,” Xavier Sala-i-Martin, a professor of economics at Columbia University, said in a statement issued by the WEF. “The best way to address this is for leaders to prioritize reform and investment in areas such as innovation and labor markets.”

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