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The World Economic Forum recently published The global competitiveness report 2011-2012. According to the Report’s terminology, competitiveness is a “set of institutions, policies and factors that determine the level of productivity of a country”. The ‘level of productivity’ stands for the “sustainable level of prosperity that can be earned by an economy” and it “determines the rates of return obtained by investments in an economy”. The competitiveness of an economy is assessed against 12 pillars where the fifth pillar is higher education and training, measuring the secondary and tertiary enrolment rates and the quality of education recognised by the business world. Due to the importance of vocational and on-the-job training, this pillar also assigns value to those areas.
Based on the Global Competitiveness Index (GCI) 2011-2012, the first five highest ranked countries are: Switzerland, Singapore, Sweden, Finland, and the United States.World Economic Forum