UK firms scored highly in creating robust and open business environments and its openness to foreign trade and investment. Support from the government and the high calibre of workers were also responsible for the country floating near to the top of the 66 countries examined.
Other areas that EIU identified as key to scoring highly on the competitive scale include: creating a culture of innovation, technology infrastructure and legal rigor to protect intellectual property. The UK needed to do better in R&D and IT related patents.
“The UK has proven particularly adept at successfully striking a balance between investing in technology, supporting sector growth and allowing market forces to work,” said Julie Strawson, chair of BSA UK Country Committee.
Three countries edged into the top five for the first time: Taiwan (which came second), Sweden and Denmark. As last year, the US topped the competition charts.
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