According to the latest World Economic Forum (WEF) report 2017-18, UK economy drops two places to eighth in the midst of the top 10 most competitive Global economies index out of total 140 countries.  With the threat of Brexit, could lead it to a greater deleterious effect on its international standing. The WEF conducts the annual Davos comprises business and political leaders. They said Britain had been outdistanced by Hong Kong and Japan on its annual ranking of the world’s 140 most competitive economies. The WEF also mentioned the Brexit vote had not yet fed through into the rankings, but that it will likely do so in over the coming years.
The league table overtook by the US for the first time in a decade established that Europe as a whole was now less competitive than East Asia and the Pacific regions. It is also alarming that, the majority of Global economies were ill-prepared for an expeditious press on in technology.
On the other hand, Switzerland surmounted the graded for the ninth straight year, thanks to an efficient labor market, strong innovation, and technological aptness, according to the WEF’s report. The US goes up one place to second, notwithstanding fears that a Donald Trump presidency could mean a more protectionist future for the world’s largest economy.
> Tilova Sumaiya Khan
