Berlin (ots) - Germany has improved two spots in the global rankings to fifth place in a study on international competitiveness released today. This news comes on the heels of Germany's strongest quarterly GDP growth since reunification. In the study, the country's transport, communications and electricity infrastructure are especially praised along with Germany's innovation capacity, the latter ranked first worldwide.
The results of the World Economic Forum's Global Competitiveness Index 2010/2011 further confirm Germany's attractiveness as an international investment location. A group of relatively smaller economies took the top three spots, with Switzerland again leading the results followed by Sweden and Singapore. Germany has gained ground on the United States, the latter dropping from second to fourth place in the study. Following Germany are Japan (6th), as well as comparably-sized European countries the UK (12th) and France (15th). The study ranks 139 countries by means of both economic data and surveys of executives.
The most important factor driving Germany's performance was its infrastructure, which was ranked second worldwide. After claiming last year's top spot, Germany trails only Hong Kong. This study category examines the quality of the road, rail, waterway, and airport infrastructure, as well as the electricity and telecommunications grid. Strong performance in these areas underscores Germany's position as a hub at the center of Europe, equipped for rapid access to the rest of the European market. Faring well in a large number of categories, Germany obtains top marks for its innovation capacity, ranking first worldwide. This testament to German research & development is complemented by its recognition for adopting technologies for productivity enhancements. Germany also ranks well in terms of its efficient goods market, intense local competition and effective antitrust policy. Businesses are highly sophisticated, meaning that there are a large number of quality local suppliers and strong value chains, international distribution controls, production processes, and cluster developments.
Germany's labor market is suggested as an area for improvements in flexibility; however the study also recognizes the labor market's contribution to reducing unemployment throughout the economic downturn. The Global Competitiveness Report analyzes 100 indicators of competitiveness in 12 categories. The executive opinion survey is carried out be the World Economic Forum.
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 that seek to enter foreign markets.
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