Netherlands has most competitive economy in EU, 4th in world

For the second year in a row, the Netherlands has the most competitive economy in the European Union, and the fourth most competitive economy in the world, according to the World Economic Forum (WEF). The Netherlands scored particularly well because of its strong base in, for example, infrastructure and macroeconomic policy, said Erasmus University - the WEF partner organization in the Netherlands, NU.nl reports.

The annual Global Competitiveness Index consists of 137 countries. The top three are Switzerland, the United States and Singapore. Netherlands is in fourth place, followed by Germany, Hong Kong and Sweden.

"It was exceptional that the Netherlands took fourth place in the most competitive economies last year", professor Henk Volberda of Erasmus University said, according to the newspaper. "The Netherlands also has a strong base this year: a world class infrastructure, a well functioning government and institutions, a good macroeconomic policy with sound public finances and high quality healthcare."

In the rankings, the Netherlands dropped one spot in the field of higher education. A matter of concern, according to Volberda. "Given the challenges of the fourth industrial revolution and the rapid erosion of certain knowledge, skills and functions through robotization and artificial intelligence, more investment in Dutch higher education is necessary", he said.

The top 10 countries on the Global Competitiveness Index:

1. Switzerland
2. United States
3. Singapore
4. Netherlands
5. Germany
6. Hong Kong
7. Sweden
8. United Kingdom
9. Japan
10. Finland