The main statistic used to measure the size of a country’s economy is the gross domestic product or GDP. However, GDP alone does not paint a complete picture of the economy of a nation and does not indicate the competitiveness of the nation.
More than 140 countries are ranked in the Global Competitiveness Index, released annually by the World Economic Forum. The ranking is based on a review of the institutions, policies, and other factors that contribute to the overall productivity level of the country.
To determine the world’s best and worst economies, we reviewed the 2019 Global Competitiveness Index of the World Economic Forum. The report evaluated 116 measures of a strong economy in a dozen wider categories: government, infrastructure, implementation of data and communications technology, macroeconomic stability, education, expertise, commodity industry, labour market, financial system, market size, company dynamism, and potential for creativity.
For each measure, the countries evaluated earned a ranking, which was then weighted to a final score on a 100-point scale on which countries are rated. We have found the unemployment rate of the countries for the International Labor Organization’s most current year.
The United States placed first in the report’s 2018 edition, but in 2019 it came second.
A strong set of norms and rules that guarantee a fairly level playing field for all businesses and workers in that nation is one of the most crucial aspects of a competitive economy. Nations that lack these laws and structures to administer them are increasingly riddled with corruption, stifling growth and stagnating the economy.
Gender inequality holds back many of the world’s economies. Worldwide, females are paid less than men, but the level of inequality varies considerably. Women are sometimes pressured because of societal norms to take on less lucrative career opportunities, such as those in science and engineering. Countries that have reduced such inequalities also won the economic benefits –more than half of the 15 countries that are nearest to gender equality now rate among the world’s most competitive economies.