ID :
339902
Wed, 09/03/2014 - 08:43
Auther :

Japan Rises to 6th in WEF's Competitiveness Rankings

Geneva, Sept. 3 (Jiji Press)--Japan ranked sixth in the World Economic Forum's annual global competitiveness rankings covering 144 countries and regions, up from ninth in the previous year, the WEF said Wednesday. In its Global Competitiveness Report, the Geneva-based think tank praised the stability of the government of Japanese Prime Minister Shinzo Abe, which has been trying to resuscitate the country's economy under the leader's policy package, dubbed Abenomics, since its inauguration in December 2012. Japan advanced for the second straight year, matching its highest position that was also scored in 2010. Japan ranked top for the sixth straight year in business sophistication and rose to fourth from fifth in innovation. WEF economist Thierry Geiger said that the stability of the Abe government is "very important" for competitiveness and the business environment. Meanwhile, the report showed concerns about Japan's macroeconomic situation, noting that the proportion of the country's public-sector debts to its gross domestic product stands above 240 pct. Geiger expressed concerns about Japan-China relations that have been strained over the Japanese-administered Senkaku islands in the East China Sea, also claimed by China. If the tensions escalate to the point where a trade ban is imposed on some sectors, this could have "really dire consequences" on the economies of both countries, Geiger said. Switzerland ranked top for the sixth straight year on the back of its strength in government transparency and innovation, the WEF said. The United States rose to fifth from third as its employment situation continues improving. Among Asian economies, Singapore ranked second and Hong Kong seventh, both unchanged from the previous year. South Korea came 26th, down by one notch, and China 28th, up from 29th. The WEF compiles the annual rankings by assessing the levels of competitiveness of the countries and regions in 12 areas including legal systems, macroeconomic conditions, innovation and education. END

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