Japan Drops One Spot Down in World Economic Forum's Global Competitiveness Index

The World Economic Forum's Global Competitiveness Index (GCI) ranks 137 countries and regions based on three stages: factor-drive, efficiency-driven, and innovation-driven. There are also 12 pillars of competitiveness, shown below, that are also considered and has their own rankings:

1. institutions
2. appropriate infrastructure
3. a stable macroeconomic framework
4. good health and primary education
5. higher education and training
6. efficient goods markets
7. efficient labor markets
8. developed financial markets
9. the ability to harness the benefits of existing technologies
10. and its market size, both domestic and international
11. by producing new and different goods using the most sophisticated production processes
12. innovation

This year, Japan has dropped its ranking from number 8 to number 9, being replaced by the United Kingdom. Though Japan has slipped in the GCI, they have moved up a couple spots in the other pillars such as: infrastructure, technological readiness, and macroeconomic environment. 

"Japan slips to No. 9 in World Economic Forum’s competitiveness index". (2017, November 3). Japan Times. Retrieved from https://www.japantimes.co.jp/news/2017/09/27/business/japan-slips-notch-ninth-wefs-competitiveness-rankings-137-economies/#.WfyMpWhSyM8