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Israel storms into the top 20 of the WEF’s global competitiveness ranking

In the latest World Economic Forum’s global competitiveness index for 2017-18, Israel moved up 8 places into 16th. Out of 137 economies, Israel was the only new country to break into the top 20. The report measures national competitiveness, defined as the set of institutions, policies and factors that determine the level of productivity.

Israel surged up the rankings as a result of their huge jump in technological readiness, (Category of Availability of latest technologies rank 4) up 15 places to 7th, from 22nd in 2016-2017. Israel’s financial market development ranking, also rose from 19th to 11th, as did business sophistication, up to 15th from 21st.(Category of Nature of competitive advantage rank 4)

Israel managed to maintain its position in the top 3 for innovation (Categories of Capacity for innovation rank 3 / Quality of scientific research institutions rank 3 / Company spending on R&D rank 3 / University-industry collaboration in R&D rank 3). The ‘Start-Up Nation’ as it is so commonly referred to, is famous for its enormous amount of inventions and innovations since the State’s inception. In regards to venture capital availability Israel ranks number 2 in the world. Read the article on the WEF website “these are the 10 most innovative countries in the world”.

Overall, the WEF’s 2017-2018 Global Competitiveness Report is a great reward for the hard-work going on in the country, and all facts and figures gleaned from the report only indicate further prosperity in the future. Read the full 2017-18 WEF report here