Japan falls to 6th in business rankings

Japan has fallen from fifth to sixth in the World Economic Forum's global competitiveness ranking at 2019, mainly due to its slow performance in education and work environments, a WEF report showed on Wednesday.

Topping the list of 141 economies in this year's Global Competitiveness Report was Singapore, which rose from the second and replaced the United States.

In second place was the United States, followed by Hong Kong, which rose from the seventh. Among East Asian economies, South Korea was 13º and China 28º.

Japan was highly rated for business dynamism and innovation, ranking 17º and 7º respectively.

The overall score, however, was hampered by poor performance in the educational and labor fields.

“While average workforce years of schooling are among the highest in the world, inadequate teaching methods help to fill the skills gap,” the report states. Japan ranked 87 in critical thinking in teaching.

In addition, “Japan's labor market is hampered by various rigidity and low female participation,” according to the report. Japan ranked 104 in terms of hiring and firing flexibility and 62 in female labor force participation.

The annual rankings assess the levels of competitiveness in each country by examining 103 items in 12 fields, such as microeconomic stability, the labor market, and financial systems.

Source: Jiji Press

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