The UK has risen one spot in the World Economic Forum’s (WEF) list of best performing economies, taking ninth place.
It now stands one spot behind the Netherlands and one in front of Sweden on the thinktank’s list, with Switzerland and Singapore taking the first and second spots.
The Global Competitiveness report benchmarks countries against 12 factors, including infrastructure, education and training, labour market efficiency, technological readiness and innovation.
The WEF praised the UK government for reducing the public sector deficit and for having one of the most flexible labour markets in the world.
However, the thinktank warned:
“The country should look into effective ways to raise the overall quality of its education system, which ranks 23rd, most notably in the areas of mathematics and science, which will be crucial to continue fostering innovation in the country.”
Despite mostly positive news at home, the WEF warns that the health of the global economy is still at risk, despite years of monetary stimulus and reforms.
The report stated that there was “insufficient progress in adopting and implementing structural reforms necessary for long-term economic growth” and that businesses should “end restrictive practices that hold back investment in new ways of working and technological developments.”
Image by Luke Price