Competitive Israel economy ranked 20th

Israel has the 20th most competitive economy and the most positive attitude toward entrepreneurial risk in the world, according to the World Economic Forum’s annual study on the global economy.

The WEF Global Competitiveness Report maps the landscape of 140 economies based on 12 key pillars, including institutions, infrastructure, ICT adoption, macroeconomic stability, business dynamism and innovation capability.

While the report finds relative weakness among many Western countries when it comes to mastering the innovation process, Israel is considered to possess the most positive attitude towards entrepreneurial risk worldwide.

According to the report, America is the economy closest to the ideal state, receiving a competitiveness score of 85.6, followed by Singapore (83.5) and Germany (82.8).

Ranked in 20th for a second consecutive year, Israel received a score of 76.6 — a slight increase from 2017 — and leads the Middle East and North Africa. The global average score is 60.

The report said: “The country has grown to become one of the world’s innovation hubs, thanks to a very strong innovation ecosystem.”

The WEF highlights that Israel spends the most on research and development (4.3 per cent of GDP), and is “where entrepreneurial failure is most accepted and innovative companies grow the fastest”.

The report also emphasises the role of Israel’s “extremely educated” workforce (eighth globally), where people acquire the appropriate skills that employers are searching for (second globally), in addition to near-equal participation of women (sixth globally), reliance on professional management (19th globally) and a well-developed financial sector with the second-best availability of venture capital worldwide.

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