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Israel Among World’s Most Competitive Economies

October 24, 2006

Israel moved up eight notches to rank 15th worldwide in the World Economic Forum’s Global Competitiveness Index for 2006-2007, establishing it as one of the world’s most competitive economies.

The economy’s most significant achievements, according to the survey released Tuesday, were concentrated in the areas of technological readiness (up 20 places to No. 3), macroeconomic management, market efficiency and various areas of infrastructure.

Improvement also came from significant policy reforms coupled with fiscal discipline, which the report said had introduced a greater degree of competition. “The area that saw the most impressive developments was the financial market, highly developed by regional and international standards,” said Augusto Lopez Claros, chief economist and head of the Global Competitive Network at the forum.

“More importantly, Israel has benefited from the development of a culture of innovation, supported by first-class institutions of higher education and scientific research.

Israel has become a world technology powerhouse, and this is beginning to have a favorable demonstration effect on the rest of the economy, an excellent omen for the future,” he said.

Israel‘s move came even as US economic competitiveness fell significantly as high budget and trade deficits combined with low health and education standards to worsen America’s business environment.

To read the full article, click here.

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