How best to compete

The editorial that appeared on May 4 made interesting reading. All attempts aimed at reducing red tape are commendable.

However, let us not just focus on this element in isolation.

The Global Competitiveness Report of the World Economic Forum lists the 12 pillars of competitiveness that countries like Switzerland (ranked first overall) and Singapore (ranked second) have embraced holistically: 1) quality of institutions (37); 2) infrastructure (34); 3) macroeconomic environment (71); 4) health and primary education (19); 5) higher education and training (35); 6) goods market efficiency (34); 7) labour market efficiency (92); 8) financial market development 9) technological readiness (21); 10) market size (125); 11) business sophistication (43); 12) innovation (48).

Malta was ranked 47th overall out of the 144 countries while the number in brackets above show Malta’s ranking in that particular pillar.