Australia listed among the top countries on Global Competitiveness Report

Planning to migrate to Australia? You will be glad to know that among the 141 economies covered by the Global Competitiveness Report published by The World Economic Forum; Australia ranks 16 when it comes to the most competitive countries of the world. This report majorly speaks about the economic prospects of the 141 economies and were ranked accordingly. Economic growth and progress have always been a driving factor in improving the living standards of a nation. Some of the main strengths of Australia that establishes its competency and development are:

  • Macroeconomic stability
  • Skills in diverse sectors
  • Financial system development
  • Healthcare facilities
  • Potential for Innovation
  • Dynamic Business environment

This Global Competitiveness report is mainly based on the twelve factors of:

  1. Institutions;
  2. Infrastructure
  3. ICT adoption
  4. Macroeconomic stability
  5. Health
  6. Skills
  7. Product market
  8. Labor market
  9. Financial system
  10. Market size
  11. Business dynamism
  12. Innovation capability.

 

Moreover, this report features natural competitiveness of a nation and offers a deep understanding of the financial future of economies all over the world. The information and data assimilated by the World Economic Report enlightens us about the two defining issues of building shared prosperity as well as managing the transition to a sustainable economy, that will as a result prove to be pivotal in shaping the economy of the next decade. Also, it states the question of their compatibility with the pillars of competitiveness and growth.

This report is essentially created to assist policy-makers, business leaders and other stakeholders in order to form their economic strategies during the time of the fourth Industrial Revolution. One of the things that the report evaluates is the emerging and promising ‘win-win’ policy options to attain the three objectives of growth, inclusion as well as sustainability. After all a sustained economic growth is a crucial factor of human development and prosperity of any nation.

To ensure that you are on the path of economic prosperity, what is required most are pro-active efforts to start and sustain the process of this gradual development.

About the Author

Leave a Reply

Your email address will not be published. Required fields are marked *