World Economic Forum Praises Israeli Competitiveness and Innovation

Israel ranks 16th in the World Economic Forum’s Global Competitiveness Report

World Economic Forum’s Global Competitiveness Report has ranked Israel 16th this year. The nation has improved its position by eight slots in the rankings from last year. This is the first time Israel ranks among the top 20 nations.

The report bases its ranking on multiple market competition drivers, including economic and fiscal policies which determine the productivity of the country. Competitiveness is considered one of the means to provide high levels of prosperity to their citizens.

Switzerland was placed at the top of the list for the ninth consecutive year. The United States ranked second and Singapore ranked third.

According to the WEF Report, competitiveness in Israel is harmed by two main factors: government bureaucracy and high tax rates. The Report has in fact highlighted a drop in government bureaucracy consequential to the increase in the burden regulation and bureaucracy impose on the economy.

Israel is still among world’s top three innovation countries. It has in fact earned its reputations as a startup nation thanks to the various inventions and innovations.

On top of it, Israel has also climbed 15 slots in the WEF’s Technology Readiness Index, from 22nd last year to seventh this year. The WEF index measures the propensity for countries to exploit the opportunities offered by communications and information technology.