European countries fill five of the top six slots in the latest tally of the world’s most competitive economies.
Switzerland was top for the fourth year running, followed by Singapore, then Finland, Sweden, the Netherlands and Germany.
The US slipped from fifth to seventh place while Britain rose from 10th to eighth.
The rankings are compiled by the World Economic Forum, which looks at official data and surveys thousands of leading business executives.
The survey showed vast differences in Europe with Spain in 36th position, Italy was 42nd, Portugal at 49 and Greece in 96th place out of a total of 144 nations surveyed.
There was even worse for Greece as in a separate rating of macroeconomic environment it was dead last in 144th place.
The survey’s authors at the World Economic Forum said that “low levels of productivity and competitiveness do not warrant the salaries that workers in Southern Europe enjoy”.
They blame political deadlock for preventing some European countries from taking a longer term approach to improving competitiveness to stabilise future growth.
- 1euronews live TV - News | euronews : the latest international news as video on demand
- 2International breaking news | euronews online world breaking news in video
- 3Caught red-handed: the Russian Major fighting in Ukraine
- 4Video footage shows massive explosion in Tianjin, China
- 5Ukraine puts top Russian general Gerasimov on ‘most wanted’ list
- 6Why World Elephant Day matters
- 7Momentum for Mars: Astronauts say mission is inevitable
- 8Who came out top in the US Republican television debate?
- 9UK: at least 7 dead after plane crashes into road in Brighton
- 10Latest News Bulletin
- 11Snowden, Assange and Manning statues unveiled in Berlin
- 12Virginia:TV journalist and cameraman shot dead live on air
- 13ISIL militant group claims to have killed Croatian hostage in Egypt
- 14Earth Overshoot Day…Pushing Mother Nature too far
- 15Windows 10, three weeks on: the good, the bad and the ugly
- 16Bringing the trolls out of the dark: Russian ‘troll’ awarded 1 rouble damages
- 17As ‘Daily Show’ Jon Stewart’s tenure ends, scholars say goodbye to their research topic
- 18International news | euronews, latest international news
- 19Artist pays tribute to Aylan Kurdi and Good Samaritan
- 20European Union News | euronews: latest breaking news and headlines about European Union
Wires > Business
- 11:57 CET China’s CEFC adds to Czech buying spree with airline, brewery deals
- 11:38 CET G20 sees need to ‘double down’ against devaluation – U.S. Treasury…
- 11:33 CET Vivendi CEO does not rule out raising stake in Telefonica
- 05:54 CET Japan may exempt food, drinks from sales tax hike – sources
- 02:23 CET EU executive to broadly keep EU’s 2015 growth forecast
- 02:22 CET Wall St. banks shift odds on rate hike to year-end
- 02:17 CET Nomura, RBS liability in U.S. mortgage bond case upped to $839…
- 01:46 CET IMF official warms to interim deal to boost emerging markets role