Belgian economy falls one place in competitiveness ranking

Belgium ranks 18th in the 2014 Global Competitiveness Report by the World Economic Forum (WEF), an annual list of the world’s most competitive economies. Last year, Belgium came in 17th place, while three years ago it ranked 15th in the list.  

Overall, Belgium booked a slight improvement compared to last year, due in part to a better macroeconomic climate and declining budget deficit. Belgium also scores particularly well in education, innovation and technological development. But its competitiveness is threatened mainly by poor scores in government efficiency, administrative and fiscal burdens and public debt.

The most competitive economy in the world, according to the report, is Switzerland, followed by Singapore and the United States.