Switzerland named world’s most competitive economy

For the seventh year in a row, Switzerland has been named as having the most competitive economy internationally by the World Economic Forum (WEF). But the study repeated warnings from last year that Switzerland faces a challenge to hold on to its mantle. Switzerland held on to top spot in the WEF Global Competitiveness Report thanks to top marks in innovation, business sophistication and labour market efficiency. It took top marks in each of these categories out of 140 countries surveyed. The WEF study is seen as a benchmark of a country’s economic well-being during a highly volatile period in the global economy. Singapore and the United States held on to second and third position in the rankings whilst Germany jumped one place to fourth spot and the Netherlands improved by three positions to reach fifth. “However, clouds are on the horizon [for Switzerland],” WEF said in a statement.  “The strong franc, zero inflation and negative interest rates will pose ...