Switzerland has been ranked the fifth most competitive country in the world slipping down one place since last year’s rankings by the IMD business school in Lausanne.
One of only three European countries in the top ten – along with Sweden and Germany – Switzerland managed to maintain its growth dynamic through its diversification and by focusing its attention on both the European and Asian markets, the authors of the index said.
Based on 331 criteria, the 2011 overall ranking maintains 2010’s leading trio but in a different order. Hong Kong is ranked first this year, followed by the United States and Singapore.
Switzerland’s growth rate in several areas was considerably lower than the most competitive countries and it fell several places in business efficiency category, which includes availability of labour, entrepreneurship and social responsibility of business leaders.
With Switzerland’s success already limited by transport and real estate congestion, the country should not rest on its historical competitiveness alone, the authors warn.
“Switzerland must reinvent itself year after year in order to maintain its influence in a hypercompetitive, increasingly-globalised world.”