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Insight Report

Klaus Schwab, World Economic Forum

The Global

Competitiveness Report

2015-2016

© 2015 World Economic Forum

Insight Report

The Global

Competitiveness Report

2015-2016

Professor Klaus Schwab

World Economic Forum

Editor

Professor Xavier Sala-i-Martín

Columbia University

Chief Advisor of The Global Competitiveness Report© 2015 World Economic Forum

The Global Competitiveness Report 2015-2016:

Full Data Edition is published by the World Economic Forum within the framework of the Global Competitiveness and Risks Team.

Professor Klaus Schwab

Executive Chairman

Professor Xavier Sala-i-Martín

Chief Advisor of The Global Competitiveness Report

Richard Samans

Head of the Centre for the Global Agenda and

Member of the Managing Board

Jennifer Blanke

Chief Economist

THE GLOBAL COMPETITIVENESS AND RISKS TEAM

Margareta Drzeniek Hanouz, Head of Global

Competitiveness and Risks

Ciara Browne,

Head of Partnerships

Roberto Crotti,

Practice Lead,

Competitiveness Research

Attilio Di Battista, Quantitative Economist

Caroline Galvan,

Practice Lead,

Competitiveness and Risks

Thierry Geiger,

Head of Analytics and

Quantitative Research

Tania Gutknecht,

Community Lead

Gaëlle Marti,

Project Specialist

Stéphanie Verin,

Community Specialist

We thank Hope Steele for her superb editing work and Neil Weinberg for his excellent graphic design and layout. We are grateful to Emmanuelle Engeli for her invaluable research assistance.

TERMS OF USE AND DISCLAIMER

The Global Competitiveness Report 2015-2016 (herein: “Report") presents information and data that were compiled and/or collected by the World Economic Forum (all information and data referred herein as “Data"). Data in this Report is subject to change without notice. The terms country and nation as used in this Report do not in all cases refer to a territorial entity that is a state as understood by international law and practice. The terms cover well-defined, geographically self-contained economic areas that may not be states but for which statistical data are maintained on a separate and independent basis. Although the World Economic Forum takes every reasonable step to ensure that the Data thus compiled and/or collected is accurately reflected in this Report, the World Economic Forum, its agents, officers, and employees: (i) provide the Data “as is, as available" and without warranty of any kind, either express or implied, including, without limitation, warranties of merchantability, fitness for a particular purpose and non-infringement; (ii) make no representations, express or implied, as to the accuracy of the Data contained in this Report or its suitability for any particular purpose; (iii) accept no liabili ty for any use of the said Data or reliance placed on it, in particular, for any interpretation, decisions, or actions based on the Data in this Report. Other parties may have ownership interests in some of the Data contained in this Report. The World Economic Forum in no way represents or warrants that it owns or controls all rights in all Data, and the World Economic Forum will not be liable to users for any claims brought against users by third parties in connection with their use of any Data. The World Economic Forum, its agents, officers, and employees do not endorse or in any respect warrant any third-party products or services by virtue of any Data, material, or content referred to or included in this Report. Users shall not infringe upon the integrity of the Data and in particula r shall refrain from any act of alteration of the Data that intentionally affects its nature or accuracy. If the Data is materially transformed by the user, this must be stated explicitly along with the required source citation. For Data compiled by parties other than the World Economic Forum, as specified in the “Technical Notes and Sources" section of this Report, users must refer to these parties" terms of use, in particular concerning the attribution, distribution, and reproduction of the Data. When Data for which the World Economic Forum is the source (herein “World Economic Forum"), as specified in the “Technical Notes and Sources" section of this Report, is distributed or reproduced, it must appear accurately and be attributed to the World Economic Forum. This source attribution requirement is attached to any use of Data, whether obtained directly from the World Economic

Forum or from a user.

Users who make World Economic Forum Data available to other users through any type of distribution or download environment agree to make reasonable efforts to communicate and promote compliance by their end users with these terms. Users who intend to sell World Economic Forum Data as part of a database or as a standalone product must first obtain the permission from the World Economic Forum (gcp@weforum.org).World Economic ForumGeneva

Copyright © 2015

by the World Economic Forum

ISBN-13: 978-92-95044-99-9

ISBN-10: 92-95044-99-1

This book is printed on paper suitable for recycling and made from fully managed and sustained forest sources.

Printed and bound in Switzerland.

The Report and an interactive data platform

are available at www.weforum.org/gcr.© 2015 World Economic Forum The Global Competitiveness Report 2015-2016 | iii

Partner Institutes

v

Preface

xiii by Richard Samans

The Global Competitiveness Index

xv

2015-2016 Rankings

Part 1: Measuring Competitiveness

1

1.1 Reaching Beyond the New Normal:

3

Findings from the Global Competitiveness

Index 2015-2016

by Xavier Sala-i-Martín, Roberto Crotti, Attilio Di Battista, Margareta Drzeniek Hanouz, Caroline Galvan, Thierry Geiger, and Gaëlle Marti

1.2 Drivers of Long-Run Prosperity:

43

Laying the Foundations for an Updated

Global Competitiveness Index

by Xavier Sala-i-Martín, Roberto Crotti, Attilio Di Battista, Margareta Drzeniek Hanouz, Caroline Galvan, Thierry Geiger, and Gaëlle Marti

1.3 The Executive Opinion Survey:

75

The Voice of the Business Community

by Ciara Browne, Attilio Di Battista, Thierry Geiger, and Tania Gutknecht

Part 2: Country/Economy Profiles

87
How to Read the Country/Economy Profiles ..................................89 Index of Countries/Economies ........................................................91

Country/Economy Profiles

Technical Notes and Sources

373

About the Authors

383

Contents© 2015 World Economic Forum

© 2015 World Economic Forum

The Global Competitiveness Report 2015-2016 | v

The World Economic Forum"s Global Competitiveness

and Risks Team is pleased to acknowledge and thank the following organizations as its valued Partner

Institutes, without which the realization of

The Global

Competitiveness Report 2015-2016 would not have

been feasible:

Albania

Institute for Contemporary Studies (ISB)

Helton Cevi, Researcher

Artan Hoxha, President

Elira Jorgoni, Researcher Director

Algeria

Centre de Recherche en Economie Appliquée pour le

Développement (CREAD)

Mohamed Yassine Ferfera, Director

Khaled Menna, Research Fellow

Argentina

IAE—Universidad Austral

Ignacio E. Carballo, Research Analyst

Eduardo Fracchia, Director of Academic Department of

Economics

Armenia

Economy and Values Research Center

Manuk Hergnyan, Chairman

Sevak Hovhannisyan, Board Member and Senior Associate

Tamara Karapetyan, Research Associate

Australia

Australian Industry Group

Colleen Dowling, Senior Research Coordinator

Julie Toth, Chief Economist

Innes Willox, Chief Executive

Austria

Austrian Institute of Economic Research (WIFO)

Karl Aiginger, Director

Gerhard Schwarz, Coordinator, Survey Department

Azerbaijan

Azerbaijan Marketing Society

Fuad Aliyev, Deputy Chairman

Ashraf Hajiyev, Consultant

Bahrain

Bahrain Economic Development Board

Eman Al Asfoor, Junior Officer, Strategy and Market

Intelligence

Khalid Al Rumaihi, Chief Executive

Nada Azmi, Manager, Strategy and Market Intelligence

Bangladesh

Centre for Policy Dialogue (CPD)

Khondaker Golam Moazzem, Additional Research Director

Meherun Nesa, Research Associate

Mustafizur Rahman, Executive DirectorBelgiumVlerick Business SchoolWim Moesen, ProfessorCarine Peeters, Professor Leo Sleuwaegen, Professor, Competence Centre

Entrepreneurship, Governance and Strategy

Benin Institut de Recherche Empirique en Economie Politique (IREEP)

Richard Houessou, Research Associate

Romaric Samson, Research Assistant

Léonard Wantchekon, Director

Bhutan

Bhutan Chamber of Commerce & Industry (BCCI)

Tshering Lhaden, NTM Desk Officer

Phub Tshering, Secretary General

Kesang Wangdi, Deputy Secretary General

Bosnia and Herzegovina

MIT Center, School of Economics and Business in Sarajevo,

University of Sarajevo

Zlatko Lagumdzija, Professor

Zeljko Sain, Executive Director

Jasmina Selimovic, Assistant Director

Botswana

Botswana National Productivity Centre

Letsogile Batsetswe, Research Consultant and Statistician

Baeti Molake, Executive Director

Phumzile Thobokwe, Manager, Information and Research

Services Department

Brazil

Fundação Dom Cabral, Innovation Center

Carlos Arruda, Dean for Business Partnership, Professor of

Innovation and Competitiveness

Fernanda Bedê, Research Assistant

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