Israel Jumps up 8 places in Global Competitiveness Index

October 1, 2006 - 12:57 AM by

From Globes Online:

Israeli is ranked 15th in the World Economic Forum’s (WEF) 2006 Global Competitiveness Index, up from 23rd place in 2005. The US fell from first to sixth place. Israel outranks Canada, Austria, France, Australia, Belgium and Ireland, which follow it in descending order.

The WEF ranks countries’ competitiveness according to a set of criteria, arranged into nine groups: macroeconomic policy, market efficiency, business sophistication, technological readiness, innovation, infrastructure, health and primary education, higher education and training, and institutions. The WEF believes that these factors affect an economy’s productivity, which in turn affects its ability to maintain sustained growth over many years. The rankings include figures for the criteria derived from surveys of business managers.

The WEF says the jump in Israel’s ranking was primarily due to the reforms led by the Bachar committee, which instilled in Israel a considerable degree of competitiveness and professionalism, and laid the groundwork for a revolution in asset management. The report’s author, WEF chief economist Augusto Lopez-Claros says Israel is attracting a growing number of foreign investors, and that there were extremely impressive developments in Israel’s financial markets and that it now had developed along regional and international standards.

The WEF goes on to say that Israel benefits from innovation, supported by top-of-the-line higher education and scientific research institutions. Israel has become a global technology powerhouse, which has a huge impact on the rest of the economy, and is good news for the future. High-tech products comprise 70% of Israel’s industrial exports, the highest proportion in the world.


Hat tip: Dave Bender

Tags: • Category: Business 

Comments

5 Comments on Israel Jumps up 8 places in Global Competitiveness Index

  1. steve on Sun, Oct 1st 2006 2:52 AM

    2. Very interesting article and post.

    I must say that mentioning that high-tech is 70% of INDUSTRIAL exports is limiting.I’d be interested in what % of total exports it is. And frankly,I distrust the ranking criteria that puts the US 6th.I guess the cheap labor of some other countries would give them an edge, but still..

    Nevertheless, intriguing article.Israel should be an inspiration to its non-oil-rich neighbors,but somehow I doubt that that will be the case. Their loss..

    Thanks for posting this.

  2. David on Sun, Oct 1st 2006 3:42 AM

    3. And it is high time that Israel weans itself off American aid. The day that THAT is achieved, Israel will truly be free.

    The Israeli aid bowl is something I detest. Unfortunately the weak politicians Israel has in leadership positions today are the sad, sad reflection of the intellectual muck that exists today in the nation.

  3. HALFNHALF on Sun, Oct 1st 2006 3:46 AM

    4. Maybe Israel should play turnabout and start subsizing does. And do they include the immense foreign aid that they receive out of American tax dollars?

  4. steve on Sun, Oct 1st 2006 7:10 AM

    5. US foreign aid is always a contentious topic, but the percentage we give is actually minimal.

    Moreover, the Palestineans live on charity,we’ve given 50 BILLION to Egypt since 1975, and for what? We get great returns for our investment in Israel in intelligence, military ideas and (some) improved weaponry, friendship, and, as has been stated, technological breakthroughs from which we benefit. And it is moral. Sounds OK to me. On the other hand, if we were to withdraw from pointlessly supporting the UN…

  5. David on Sun, Oct 1st 2006 4:41 PM

    6. The issue is not that America gives. It is that Israel accepts the aid and other than the attempt by Bibi to try and break the addiction, Israel carries on as if it is no different to tax revenue.

    I hope for the day that Israel will be in the column of the nations that have no “aid bowl”.

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