Belgium appears in 22nd position in the World Competitiveness Yearbook of the IMD (the prestigious Lausanne business school), thus recording its best score in 5 years.  Hong Kong is ranked first in the top three, ahead of Switzerland and the United States.

In Belgium, the most notable improvement is in wage restraint where our country is ranked in 12th place (compared to 30th last year) in terms of the change in salary costs.  The reforms are moving in the right direction and already having results with 29,000 jobs being created in the private sector last year. However, more efforts are needed for companies to continue their sustainable investment in our country.

Besides Hong Kong, Switzerland and the USA, Singapore, Sweden, Denmark, Ireland, the Netherlands, Norway and Canada also appear in the top 10.

The IMD World Competitiveness Center also points to the exceptional performances of all the Eastern European economies. “The common pattern among all of the countries in the top 20 is their focus on business-friendly regulation, physical and intangible infrastructure and inclusive institutions. These are qualities that many Eastern European economies are increasingly recognising and embracing”, it highlights.

The most competitive Eastern European economy is the Czech Republic positioned in 27th place with Lithuania (30th), Estonia (31st) and Poland (33rd) not far behind. The economies of Latvia, the Slovak Republic and Slovenia are some of those that have grown most quickly globally and finish in 37th, 40th and 43rd position respectively. France is ranked 32nd, Spain 34th and Italy 35th.