BERLIN, Sept. 4, 2013 /CNW/ - Citing innovation and infrastructure as leading reasons, the World Economic Forum (WEF) moved Germany up two notches in its table of competitive economies on Wednesday, from sixth in the world to fourth overall.
The WEF, a Swiss non-profit foundation that aims to bring together business leaders and policy-makers, also extolled the virtues of the R&D spend in Europe's largest economy.
The most notable ranking for Germany from the report criteria was 3rd for infrastructure overall, but first among all territorial states (only Singapore and Hong Kong were rated better for infrastructure overall).In the factors contributing to the overall infrastructure ranking, Germany scored in the top eleven in the world for seven out of the nine criteria.
It's further good news for Germany, whose seasonally-adjusted 0.7 per cent growth for the second quarter - the best in over a year - saw their position as pillar of Europe's economic recovery reinforced.
With a number of global markets, not least renewable energy and automobility, hitting critical points in terms of finding innovative technology required to advance, Germany's mix of innovation and infrastructure is ideal in the current economic climate, as witnessed by the ever-increasing flows of foreign direct investment into the country.
"The improvement in Germany's position in the rankings of the WEF is testament to how Germany has managed the global economic downturn over the past few years," said Dr. Benno Bunse, CEO of federal investment promotion agency Germany Trade & Invest.
"As Europe emerges from what has been a deeply trying period, Germany's commitment to staying at the innovative edge of industry should ensure it remains as attractive as the WEF now rates it for years to come."
Germany Trade & Invest is the foreign trade and inward investment promotion agency of the Federal Republic of Germany. The organization advises foreign companies looking to expand their business activities in the German market. It provides information on foreign trade to German companies seeking to enter foreign markets.
SOURCE: Germany Trade & Invest
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