Performance overview: United Kingdom
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Currently the United Kingdom is still one of the most competitive economies in the world, moving up three places to 7th on the back of marginal score improvements. Note that the data were collected before the Brexit vote, so initial repercussions from the vote are not captured by this year’s Index. Although the process and the conditions of Brexit are still unknown, it is likely to have a negative impact on the United Kingdom’s competitiveness through goods and financial markets as well as market size and, potentially, innovation. Competitiveness of the UK economy has, up to now, rested on highly efficient goods and labor markets (9th and 5th, respectively); business processes are highly sophisticated (7th) and supported by a high level of digital readiness by both businesses and consumers (3rd). Last year saw a partial recovery in the macroeconomic environment (up 23 to 85th) and an improvement in financial market conditions, although in general scores were mostly stable. For a detailed discussion of the potential impacts of Brexit, see Box 5.