15:28 | 02/10/2017 Society
Vietnam has jumped into 55th place, up five places from last year and 20 places from five years ago, on the Global Competitiveness Index (GCI) in the 2017-2018 period, according to the latest list announced by the World Economic Forum.
|Vietnam ranks 55th on the GCI according to the announcement by the World Economic Forum|
The country is appreciated for its significant improvements in technological readiness and labour market efficiency. Trade is another considerable factor in propelling Vietnam upward, as the country currently ranks seventh in terms of the ratio of imports to GDP, and 11th by the ratio of exports to GDP.
Although the withdrawal of the United States from the Trans-Pacific Partnership (TPP) earlier in 2017 eliminated a number of significant trade opportunities, the country’s growth is nonetheless projected to remain robust due to the strong export market.
According to the report, Asia also saw large gains by Indonesia, which ranks 36th overall, up from 41st last year, while Japan and India saw their scores decrease.
The Global Competitiveness Report 2017-2018 assesses the competitiveness landscape of 137 economies, providing a unique insight into the drivers of their productivity and prosperity.
The GCI, published since 1979, is based on 12 pillars that provide a comprehensive overview of the competitiveness landscape in countries around the world, at different stages of their economic development. It is now the world’s most comprehensive assessment of national competitiveness.