Switzerland has ranked 4th on the IMD business school’s global competitiveness ranking, climbing one spot from last year’s ranking and placing after Singapore, Hong Kong and the United States.

On the other hand, Venezuela ranked in last place, being 63rd.

The ranking was first introduced in 1989 and calculates economic performance, infrastructure, government efficiency and business efficiency measures in order to conclude a score per country.

A whopping 235 indicators are used and a variety of hard statistics are analysed, including unemployment, GDP and government spending on health and education. Soft data is also observed, from a survey of business leaders with subjects like social cohesion, globalisation and corruption all being addressed.  

Switzerland’s two key drivers were government efficiency, ranking second, and infrastructure, which also ranked second.

Its economic growth, the stability of the Swiss franc, health services, quality of life and education all ranked high too.

Arturo Bris of IMD said: “In a year of high uncertainty in global markets due to rapid changes in the international political landscape as well as trade relations, the quality of institutions seem to be the unifying element for increasing prosperity. A strong institutional framework provides the stability for business to invest and innovate, ensuring a higher quality of life for citizens.”