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Japan slips in competitiveness ranking, emerging Asian economies up

  • September 27, 2017
  • , Kyodo News , 7:35 a.m.
  • English Press

Japan slipped one spot to ninth in an annual global competitiveness ranking by the Swiss-based World Economic Forum released Wednesday, while some other economies in the Asia-Pacific region including China and Hong Kong moved up.

 

Switzerland, the United States and Singapore remained the world’s three most competitive economies, with Switzerland retaining the top position for the ninth consecutive year, according to the Global Competitiveness Report 2017-2018.

 

The survey assesses such factors as public sector performance, macroeconomic environment, quality of education and infrastructure in the 137 countries and territories.

 

As for Japan, the decline in its competitiveness was partly attributed to massive government debt, lingering deflation and the inflexible labor market, despite the comparatively high quality of infrastructure and the educational level of the workforce.

 

Hong Kong jumped to sixth from ninth and mainland China rose one spot to 27th, while emerging economies such as Malaysia and Thailand also moved up.

 

North America is one of the most competitive regions, and Latin America and South America have continued to boost their competitiveness over the last decade, the report said.

 

The report warned that advanced economies including Japan are showing signs of declining productivity, stressing a need for technological innovation.

 

==Kyodo

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