Singapore fell behind the United States to rank 3rd globally but remains the most competitive economy in the region.
The UK has fallen down a global list of the most competitive nations and experts are warning that Brexit could see the country slip further.
In the Technological Readiness category, the country was cited for improvements in the number of internet users as a percentage of the population (No. 92 to No. 75) and the number of fixed broadband internet subscribers as a percentage of population (from No. 92 to No. 88). That said, Singapore's transport infrastructure, product and labour markets, and financial sector are all highly efficient.
The report is an annual assessment of the factors driving countries' productivity and prosperity.
It said the country is still struggling to improve its labor efficiency and financial market development, which ranked 73rd and 74th place respectively out of 137 countries.
The U.S., along with other advanced economies, must continue to prepare for a coming wave of automation, which is expected to create a new crop of computer-related jobs while eliminating low-wage positions, the researchers pointed out.
Malta is improving its competitiveness according to a report released by the World Economic Forum, the Department of Information said. Talents will become increasingly more important than capital and therefore the world is moving from the age of capitalism into the age of talentism. "Although tertiary enrollment is strong at 63 percent, more efforts are needed to advance the quality of education and align it with economic needs", the report said. Also in the top 10 were the Netherlands in fourth place, followed by Germany, Hong Kong, Sweden, the United Kingdom (which had fallen from sixth to eighth place), Japan and Finland. "In fact, Vietnam and Brunei have overtaken us this year". Swiss citizens benefit from high levels of public health and education, while Swiss businesses demonstrate high levels of sophistication and innovation.
"In this connection, the government has established a task force chaired by the Chief Secretary to the government comprising representatives from several ministries, agencies and the private sector to monitor our economic performance based on global competitiveness index to come up with better policy proposal", he said.