OTTAWA, Sept. 5, 2012 /CNW/ - Canada falls two positions to 14th place
in the Global Competitiveness Index 2012-2013, released today by the World Economic Forum. The Conference Board is
the Canadian Partner Institute at the World Economic Forum's Centre for
Global Competitiveness and Performance, and managed the Executive
Opinion survey to obtain the candid perceptions of Canadian business
"Canada is a developed economy and it is at a stage where its capacity
to innovate successfully determines its overall success. Canadian
businesses must be able to compete on the basis of developing new or
improved products, services, models, and processes," said Daniel
Muzyka, President and Chief Executive Officer, The Conference Board of
Canada. "Unfortunately, as a country, we are not taking full advantage
of our strong economic fundamentals, well-educated workforce and
efficient markets to build higher value-added products and services.
Too often, Canada fails to commercialize its good ideas into marketable
products and services or capture the value from growth."
"More needs to be done—all levels of government, all sizes of business,
and all types of educational institutions have an important role to
The 2012-2013 Global Competitiveness report notes that Canada continues
to benefit from a number of factors including its efficient markets,
strong financial institutions, well-functioning government
institutions, and good infrastructure. However, Canada's ranking is
hindered by such things as the nature of its competitive advantage
(e.g., Canada remains a good exporter of natural resources but not of
value-added products), and its relatively poor capacity for innovation.
Canada has dropped five places in the global rankings since 2009. In
addition to falling two places since last year from 12th to 14th position, Canada's overall competitiveness score also declined.
Overall, Switzerland tops the Global Competitiveness rankings for the
fourth consecutive year. Singapore remains in second position, while
Finland overtakes Sweden for third spot.
The report notes that countries in Northern and Western Europe have
consolidated their competitiveness positions since the financial and
economic downturn in 2008. The Netherlands (5th), Germany (6th) and
United Kingdom (8th) also rank in the top 10.
Despite improving its overall competitiveness score from last year, the
United States' ranking declines for the fourth year in a row, falling
two places to seventh position. The most competitive Asian economies
are Hong Kong SAR (9th), Japan (10th), and Taiwan (13th). South Korea
ranks 19th and China is 29th in this year's index.
Countries in Southern Europe, such as Portugal (49th), Spain (36th),
Italy (42nd) and Greece (96th) continue to suffer from macroeconomic
imbalances, poor access to financing, rigid labour markets and an
The Conference Board of Canada is addressing a number of the challenges
identified in the Global Competitiveness Report 2012-13 through its Centre for Business Innovation—a five-year initiative that will help bring about major improvements in
firm-level business innovation in Canada. The Conference Board will
also release a series of competitiveness briefings over the coming
months - providing detailed insights into Canada's global
SOURCE: CONFERENCE BOARD OF CANADA
For further information:
Brent Dowdall, Media Relations, Tel.: 613-526-3090 ext. 448