Israel’s ranking in the World Economic Forum’s Global Competitiveness Report 2010-2011 increased to 24th place from 27th the year before.
Israel’s improvement in the ranking was mainly attributed to the country’s innovation.
“The country’s main strength remains the excellent and improving capacity for innovation, the category in which Israel came in 6th place, which rests not only on highly innovative businesses but also on the availability of high-quality research institutions and is reflected in a high number of patents,” stated the report.
The report’s country profile assessment also noted that Israel’s favorable financial environment, the category in which it was placed 14th, and the availability of venture capital, the pillar in which it came in 10th place, also contributed to making the country an innovation powerhouse.
The Global Competitiveness Index is based on 12 pillars of competitiveness, which together provide a comprehensive picture of the competitiveness landscape in 139 economies around the world at all stages of development.