According to the report prepared by the global advisory organization Eight International, Europe as a single region is the second economic power in the world that can boldly compete with China and the United States.
Economic competitiveness is no longer synonymous with cheap labor or low taxes, but rather a unique combination of individual freedoms, collective decision-making, entrepreneurship, and social protection.
The report also states once again that assessing economies according to traditional financial models does not provide insight into their true health and resilience to global turmoil. Economic competitiveness is no longer synonymous with cheap labor or low taxes. Values such as social and health security, sustainable development, innovation and data protection are just some of the factors that determine the attractiveness of investing in a particular region of the world.
The authors of Eight International’s Competitiveness Report compile and analyze data from 25 independent reports in four main categories. Economic strength, employment opportunities, political and social stability, education and quality of life.
The Netherlands, the Nordic countries and Switzerland win: they maintain their high position in many ratings. Italy has an excellent healthcare system. Poland is the champion of infrastructure: When it comes to the quality of infrastructure, Poland has risen sharply in the world rankings. This is a positive development for a country whose overall prosperity may still require catching up with other European economies.
Germany maintains a strong balance between economic competitiveness and a high standard of living. France is the home of global companies. It is the fourth source of origin for Fortune Global 500 companies.
The UK, which is a leader in environmental rankings and offers a high quality of life, has a flexible business environment, making it the preferred place to start a business. But it must be emphasized that its exit from the European Union may weaken its ability to attract foreign investment.
