The World Economic Forum’s (WEF) 2013-14 annual rankings, released in September of this year, ranked the U.S. fifth in terms of overall competitiveness.
Canada trailed behind in fourteenth place overall based on infrastructure, transparency in institutions, and higher education – which were ranked 12th, 14th, and 16th respectively.
A Canadian Wealth Advisors Network (CWAN) article based on the previous year’s WEF report revealed similar results this year.
Canada ranked much better in health and primary education categories, coming in 7th globally.
The majority of countries in the top ten were European, with Switzerland topping the rankings in the last five years.
The Forum said Switzerland’s focus on innovation and efficiency in the labor market, as well as its world-class research institutes, helped contribute towards the country’s overall success.
Southern European countries like Portugal and Greece, however, continue to be plagued by economic and financial problems.