The Global Competitiveness Report 2013-14 assesses competitiveness of 148 economies based on "pillars" ranging from institutions to infrastructure. We are defining Here are the top ten countries in this year's study-

1. Switzerland: Switzerland retains its 1st place position again this year consequently of its continuing strong performance across the board. The country's most famous strengths are related to innovation and labour market efficiency in addition to the sophistication of its business sector.

2. Singapore:

Singapore ranks 2nd overall for the third consecutive year, owing to an outstanding performance across all dimensions of the Global Competitiveness Index (GCI). Once more, it is the only economy to feature in the top three of seven out of 12 pillars of the GCI; it also appears in the top 10 of two others. It dominates the goods market competence pillar and the labour market efficiency pillar, and places 2nd in financial market development pillar.

3. Finland: Finland retains its 3rd position. Related to other countries in the region, country boasts well-functioning and highly transparent public institutions, topping several indicators included in this category. Its private institutions, ranked 3rd overall, are also seen to be among the best run and most moral in the world.

4. Germany: Germany moves up by two notches to 4th place in this year. The country is ranked an excellent 3rd for the quality of its infrastructure, audacity in particular first-rate facilities across all modes of transport. The goods market is fairly efficient and is characterized by intense local competition and low market dominance by large companies.

5. The United States: The United States reverses its downward trend, rising by 2 positions to take 5th place this year and overtaking the Netherlands and Sweden. As the economy is getting back on track, the deleveraging process in banking sector continues to show positive effects on the steadiness and effectiveness of the country's financial markets.

6. Sweden: Sweden falls two places to 6th position. Like Switzerland, country has been placing significant emphasis on creating the conditions for innovation-led growth. Though the assessment has deteriorated slightly over the past year as mostly because of a somewhat weaker macroeconomic environment as the quality of Sweden's public institutions remain first rate, with the very high degree of effectiveness, trust and transparency.

7. Hong Kong:

Hong Kong SAR further consolidates its position among 10 most competitive economies, advance a further two places to 7th, because of a consistently strong performance. In exacting, Hong Kong tops the infrastructure pillar for fourth consecutive edition, reflecting the outstanding excellence of its facilities across all modes of transportation.

8. The Netherlands: The Netherlands loses 3 places and slips to 8th place this year after having moved up in rankings in the last edition. The drop mainly reflects weakening financial markets and, in exacting, rising concerns regarding the stability of banks. In general, economy is highly productive due to some pronounced strengths. Dutch businesses are extremely sophisticated and innovative, and the country is fast and aggressively harnessing new technologies for productivity improvements.

9. Japan: Japan at the present ranks 9th with the score almost unchanged since last year, climbing one position. The country continues to enjoy the main competitive edge in business sophistication (1st for the fifth consecutive year) and in innovation. High R&D spending, availability of talent, world-class research institutions and ability to innovate are among Japan's strengths.

10. The United Kingdom: The United Kingdom rounds out the top 10, falling by 2 places in this year's assessment. The country deteriorates slightly in numerous areas, most notably in terms of its macroeconomic environment and its financial markets. In general, the United Kingdom benefits from clear strengths for example the effectiveness of its labour market, in sharp contrast to the rigidity of those of a lot of other European countries.