Last week, the World Economic Forum’s (WEF) competitive ranking was announced and the result was a great news for the Japanese government and its people. It moved up to three places from 9th in 2013 to 6th in 2014, which is a big leap.
According to the WEF’s report, “Factor-driven” economies are the least developed, typically relying on low-skilled labor and natural resources. More developed countries are considered “efficiency-driven” economies because they focus on improving economic output by increasing production efficiency. The most developed economies, which rely on innovation and technological changes to drive growth, are considered “innovation-driven” economies. Nations may also fall between these classifications.
WEF also mentioned that “Japan was among the several nations that implemented quantitative easing during the financial crisis. This policy and other several economic approaches were named “Abenomics” after the country’s Prime Minister Shinzo Abe.
The nation has become more competitive, climbing three spots from last year is the biggest improvement among the 10 other most competitive economies. Most notably, Japan leads the world in business sophistication, as it has been for the last 6 years. In particular, both the availability and quality of Japan’s suppliers were rated the best in the world.”
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