Vietnam is ranked 81st in terms of the national economy’s competitiveness in 2005, down from the 77th position last year, said the latest report by the World Economic Forum (WEF).
In Europe, Britain holds the highest position at the 13th. However, this rank was three grades lower than the position it gained last year and this is the first time the Britain went out of the top ten of the highest competitive economies. Germany was ranked at the 15th, losing two grades while Spain reached the 29th position in stead of 23rd compared with last year. France stands at the 30th or three grades lower than the 27th position it climbed to last time while Italy fails to improve its competitiveness and remains constant at the 47th of 2004.
Northern European countries come out at the top in the ranking by WEF and Finland is the most competitive economy in the world in three-years successively. Also, Finland is the least corruptive country in 2004. According to WEF, this northern European economy is well operated and managed. It has moderate macroeconomic control and standard public administration. “Northern European countries, especially Finland, apply a very good public administration method. Thus, they could avoid financial troubles like in Germany, Italy, France,” a chief economist of WEF, Augusto Lopez-Claros commented.
US, Sweden, Norway, and Taiwan territory rank respectively in the following positions.
The competitiveness ranking of the world economies by the WEF is conducted based on comments of 11,000 managers of leading firms in the world about factors like economic state quo, macroeconomic environment, quality of agencies and public organisations, development pace and technology application. There were 117 economies attending the ranking.
This year, Japan degrades to 12th position from the ninth rank last year because many firms complained about its public administration. China slides to 49th position compared with the 46th position last year.
Chad reaches the bottom of the ranking, falling from 104th position last year. Ranked at the lowest ranks are African economies. South Africa stands at the 42nd position which is the highest rank amongst economies of this continent.