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News Detail

05.11.2013

Germany has improved its position in the Global Competitiveness Report 2013/2014

10/10/2013

Among the world's most competitive countries, Germany ranks 4th, behind Switzerland, Singapore and Finland. The report - worked out annually by the World Economic Forum in Geneva, Switzerland - ranks 148 economies in 12 categories based on over 100 indicators. A compilation of 160 data sources and an executive opinion survey were used.

Innovation and infrastructure were the primary reasons for Germany's high position. In the Innovation category, Germany rose three slots, to 4th place, with the report stating that "German companies are among the most innovative in the world, spending heavily on R&D and displaying a high capacity for innovation." Germany also took 3rd place in Infrastructure (behind Hong Kong and Singapore), Higher Education and Training, and Business Sophistication.

In addition, Germany has improved the fostering of startups and offers a number of funding programs. Besides boosting public grants it also has programs to stimulate private investment, e.g. a venture capital investment grant aimed at encouraging "business angels" to invest in young, innovative companies.

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