Canada has risen to 13th place on the Business Competitiveness Index released by the World Economic Forum:
In this year’s ranking, the United States is No. 1, followed by Finland, Germany, Denmark and Singapore. The index is designed to measure the set of institutions, market structures and economic policies supportive of national prosperity.
On the Growth Competitiveness Index, which estimates the underlying prospects for growth over the next five to eight years, Canada also improved, rising one position to 14th.
In that ranking, Finland placed first, for the third year in a row, followed by the United States, Sweden, Denmark and Taiwan.
Unfortunately that is still substantially lower than just a few years ago:
“In 1998, Canada stood sixth in (the business competitiveness) ranking and by last year we had fallen to 15th, so a move up two spots to 13th in 2005 may be the start of a turnaround,” Martin said.
He noted, however, that Canada fell further behind the United States in important factors such as the intensity of local competition and the sophistication of customer buying processes.