Global economies remain at risk from further shock and are “ill-prepared” for the next wave of “automation and robotization,” according to the World Economic Forum’s (WEF) latest global competitiveness report.
The Switzerland-based organization’s 2017 Global Competitiveness Index, published Wednesday, assesses various factors driving countries’ productivity and prosperity – including its institutions, infrastructure, education, innovation and labor market efficiency, among others, and showed a sharp divide between major global economies.
“Ten years on from the global financial crisis, the prospects for a sustained economic recovery remain at risk due to a widespread failure on the part of leaders and policy-makers to put in place reforms necessary to underpin competitiveness and bring about much-needed increases in productivity,” WEF stated of its findings.
In 2017, the report found that Switzerland retained top spot as the most competitive economy, closely followed by the U.S. and Singapore. Also in the top 10 were the Netherlands in fourth place, followed by Germany, Hong Kong, Sweden, the U.K. (which had fallen from sixth to eighth place), Japan and Finland.
With the usual suspects populating the rankings again this year, Margareta Drzeniek-Hanouz, head of Economic Progress at the World Economic Forum, told CNBC on Wednesday that there had not been much effort at structural reforms that would improve competitiveness.