The World Economic Forum has revealed that the United Kingdom, Canada, Australia and New Zealand place within the top 16% of globally competitive economies for 2016-2017.
|CANZUK economies are highly competitive for 2016
(photo: Bloomberg News)
The report, labelled as the “Global Competitiveness Index“, assesses the economic competitiveness of 138 economies around the world. According to the WEF website, this implies its ability to:
“…assess the ability of countries to provide high levels of prosperity to their citizens. This in turn depends on how productively a country uses available resources. Therefore, the Global Competitiveness Index measures the set of institutions, policies, and factors that set the sustainable current and medium-term levels of economic prosperity.”
The highest ranked CANZUK nation on the list is the United Kingdom in 7th, with New Zealand following close behind at 13th, Canada at 15th and Australia at 22nd.
As a combined economy (operating under free movement), a CANZUK union would rank 14th (average), ahead of other major economies in the world including China (28th), the European Union (41st – average) and Russia (43rd).
|World Economic Forum: Global Competitiveness Index 2016-2017|
The report details two important factors.
Firstly, all four CANZUK economies are highly developed in promoting economic competitiveness, meaning the introduction of free movement would be very simple in terms of compatibility. This is in addition to the CANZUK countries ranked 5th in the world for quality of life, and individually positioned within the top 10 “free economies” index for 2016.
Essentially, the UK, Canada, Australia and New Zealand each promote economic growth, business opportunities, and high standards of health, education and social security, and therefore, combining our economies under a free movement initiative would not be detrimental to any country in terms of migration flow or straining public services.
Secondly, a combined economy under free movement would position a CANZUK union as one of the strongest economies in the world. By introducing free movement, we effectively create the foundation of a single labour market, allowing our citizens to work and study freely while our businesses recruit the best international talent (all without the cost, risk and often lengthy delays currently experienced under present immigration controls).
In effect, this would likely position us higher in the GCI index, and rank the combined CANZUK countries within the top 10 globally competitive economies.
For more information regarding our research, please contact us at support@CFMO.org.