Canada has held onto its spot as the seventh most competitive country in 2014, in a survey of 60 nations published in the IMD World Competitiveness Yearbook, compiled by a Swiss business school.
Last year’s IMD report also ranked Canada as seventh.
According to the report, published by the IMD International school based in Lausanne, Switzerland, the United States retained the No. 1 spot in 2014. The U.S. ranking reflects “the resilience of its economy, better employment numbers, and its dominance in technology and infrastructure,” the report said.
Switzerland, Singapore, Hong Kong, Sweden and Germany are also ahead of Canada. The United Arab Emirates (UAE), Denmark and Norway round out the top 10.
“The overall competitiveness story for 2014 is one of continued success in the U.S., partial recovery in Europe, and struggles for some large emerging markets,” said Prof. Arturo Bris, director of the IMD World Competitiveness Center.
The report concluded that seven of the top 10 countries in the overall ranking for 2014 are also in the top 10 for having an image abroad that encourages business development. Canada is among them.
“In general, there is a strong correlation between a country’s overall competitiveness ranking and its international image as a place to do business,” the report concluded.