Malta has classified in 40th placing out of 138 countries in what is known as the Competitiveness Index drawn up by the World Economic Forum. The results achieved mean that Malta has advanced eight places since last year’s report, when it had classified in 48th placing.
Malta has a better placing that other European Union countries including Italy, Portugal, Latvia, Hungary, Slovenia and Slovakia, and has classified in 18th placing among European Union member countries.
Switzerland and Singapore have retained the top two placings, followed by the US and Holland, which has now passed Germany, now in fifth placing.
The World Economic Forum measures competitiveness on twelve factors, including institutions, infrastructure, health and education, market efficiency, employment, technology and innovation and the macro-economic environment.
Malta is among the best in health and education, the macro-economic environment, market efficiency, the country’s institutions, and higher education and training.
On the other hand factors mentioned in the report as impeding competitiveness are lack of employees with the necessary skills for jobs, Government’s bureaucratic inefficiency and access to financing.