Switzerland among best in the world for digital transformation
30 September 2021 09:06
Switzerland has been placed sixth in the latest World Digital Competitiveness Ranking, maintaining its position from the previous ranking. The USA, Hong Kong, Sweden, Denmark and Singapore lie ahead in the rankings. Austria is at number 16 and Germany at 18. Luxembourg (22nd), France (24th) and Italy (40th) all also make it into the top 40. Venezuela was in last position.
The IMD Business School considered various factors and compiled rankings for additional categories. For example, Switzerland was placed first of all countries in the survey for general competitiveness. In the talent ranking – representing a country’s ability to attract, develop and retain talent – Switzerland is also at number 1.
For determining the main World Digital Competitiveness Ranking, the factors of knowledge, technology and future readiness were taken into account. Switzerland is ranked first worldwide for knowledge, while it is placed third for future readiness. In technology, however, it is only 11th. A decline has been recorded here since the first ranking in 2017, when Switzerland had been eighth. Over the same period, it improved its position from fourth to first in the category of knowledge and 13th to third for future readiness.
The greatest challenges specified for the current year include the recovery of the economy after the pandemic, protecting markets from protectionism, greater competition in the domestic market, maintaining financial stability and improving the sustainability of pensions and social security.
While the USA topped the ranking for the fourth consecutive year, China has risen from 30th when the ranking was first compiled to 15th. According to the IMD Business School, the analysis showed that both countries are pursuing radically divergent strategies for digital transformation. All initiatives in China are state based, while the US model for digitalization is privately funded. This shows that there is not one right solution.