Belgium dropped to 20th place this year in the World Economic Forum (WEF) competitiveness rankings, according to the WEF’s Global Competitiveness Report, published on the Tuesday night in Geneva.
This is three slots down from 2016 and the country’s lowest ranking in at least five years.
According to the report, Belgium’s competitiveness is hampered, in particular, by its fiscal policy, labour legislation – considered restrictive – and a public administration that lacks effectiveness. On the other hand, the country obtained its best marks in health care, education, training and technological development.
Switzerland topped the world rankings for the ninth year in a row, followed by the United States (2nd ) and 3rd-placed Singapore, which have switched places since last year. The Netherlands and Germany are 4th and 5th respectively. The other members of the top 10 remain the same. Hong Kong (6th) moved up three places, Sweden (7th) lost one, as did eighth-placed Britain and Japan (9th), while Finland remained in 10th position.
The Solvay Business School (ULB) is now the WEF’s partner for the Global Competitiveness Report.