Israel drops one place to No. 27 in Global Competitiveness Index

Index is based on measures of 12 basic pillars such as institutions, infrastructure, and the macroeconomic environment.

shekel versus dollar 370 (photo credit: REUTERS)
shekel versus dollar 370
(photo credit: REUTERS)
Israel dropped one notch to 27th place in the World Economic Forum’s 2013 Global Competitiveness Index, released Wednesday. The Index is based on measures of 12 basic pillars: institutions, infrastructure, the macroeconomic environment, health, education, market efficiency, the labor market, financialmarket development, technological readiness, market size, innovation and business sophistication.
Since 2011, the country’s score on a scale of 1 to 7 dropped from 5.1, which ranked No. 22, to 4.9. By far the most problematic factor listed for doing business was inefficient government bureaucracy, followed by access to financing, tax regulations and restrictive labor regulations.
Israel’s innovativeness accounted for many of its strengths. It ranked No. 1 on quality of scientific research and in the top 10 for every aspect of innovation.
As was the case last year, Switzerland topped the list, followed by Singapore and Finland. The United States moved up from No. 7 to No. 5, while the UK dropped from No. 8 to No. 10.
Even within the Middle East, Israel did not top the list. Qatar ranked No. 13, the United Arab Emirates was No. 19 and Saudi Arabia was No. 20.
Economy and Trade Ministry Naftali Bennett has said a central policy goal of his is to make it easier to do business.