For the first time since the 2008 recession, the U.S. sits atop the rankings of the World Economic Forum’s most “ideal” economies.
What the organization refers to as the “Fourth Industrial Revolution” is well underway, and the WEF has developed some innovative criteria to rank the economies of nations.
Under the new framework for competitiveness, released Tuesday, the U.S. achieved the closest to the “competitiveness frontier,” or “ideal state,” with a score of 85.6. Singapore (83.5), Germany (82.8), Switzerland (82.6) and Japan (82.5) rounded out the top five in the rankings, which assessed 140 countries.
The report uses new methodology to capture the dynamics of the global economy in the Fourth Industrial Revolution, characterized by a combination of artificial intelligence, cybersecurity, idea generation and other factors.
The new tools map the competitiveness landscape through 98 indicators, using a scale from 0 to 100, which are organized into 12 pillars that note how close an economy is to an “ideal state” or “frontier” of competitiveness. The pillars are infrastructure, institutions, the adoption of information and communications technology, macroeconomic stability, health, skills, product market, labor market, financial system, market size, business dynamism and innovation capability.
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