The world's top economies are efficiency-driven, as they concentrate on boosting production efficiency for better economic output, and they also give importance to innovation and technological improvements to promote growth. Nations with the best economies are competitive and have high gross domestic product, or GDP, per capita.Continue Reading
Another commonality among the most competitive nations in the world is the ability to borrow significant amounts for spending and investment purposes, while poorer countries usually have lower debts. As of 2013, the 10 most competitive countries in the world belong to the top 25 nations with the highest GDP per capita based on the World Economic Forum's Global Competitiveness Report, states USA Today. The factors that give the United States a worldwide competitive edge include innovation, labor market efficiency and financial market efficiency.
The United Kingdom, one of the most competitive economies in 2013, maintains efficient labor practices and boasts quality management schools. The country also provides outstanding Internet access in schools. Japan is known for its business sophistication because of its abundant local suppliers, modern production processes, and major role in distributing goods and services across the globe.
In comparison, the countries with the least developed economies are factor-driven, mostly relying on natural resources and low-skilled labor. The 10 least competitive economies also have very low GDP per capita.Learn more about Economics