Once again, Switzerland has been found to be world’s most competitive economy, narrowly ahead of the United States and Singapore.
According to the World Economic Forum’s Global Competitiveness Report 2017-2018 published yesterday, other East Asia and Pacific economies in the top 25 are Hong Kong (6th), Japan (9th), New Zealand (13th), Taiwan (15th), Australia (21st), and Malaysia (23rd).
Among the 17 East Asia and Pacific economies covered, 13 have increased their overall score with Malaysia moving up two places from the 2016-2017 report where it was 25th.
Singapore, the most competitive economy in the region, slipped from second to third place, while Hong Kong advanced from ninth to sixth place – passing Japan, now ranked ninth.
The report noted signs of a productivity slowdown among the region’s advanced economies and in China, suggesting the need to pursue efforts to further increase technological readiness and promote innovation.
Klaus Schwab, Founder and Executive Chairman, World Economic Forum, said: "Global competitiveness will be more and more defined by the innovative capacity of a country. Talents will become increasingly more important than capital and therefore the world is moving from the age of capitalism into the age of talentism."
"Countries preparing for the Fourth Industrial Revolution and simultaneously strengthening their political, economic and social systems will be the winners in the competitive race of the future," Schwab added.
Scroll through the gallery to see the individual country report for the top 10 economies in East Asia and Pacific.
The Global Competitiveness Report competitiveness ranking is based on the Global Competitiveness Index (GCI), which was introduced by the World Economic Forum in 2005.
Defining competitiveness as the set of institutions, policies and factors that determine the level of productivity of a country, GCI scores are calculated by drawing together country-level data covering 12 categories – the pillars of competitiveness – that collectively make up a comprehensive picture of a country’s competitiveness.
The 12 pillars are: institutions, infrastructure, macroeconomic environment, health and primary education, higher education and training, goods market efficiency, labour market efficiency, financial market development, technological readiness, market size, business sophistication, and innovation.