Canada has retained its ranking as the 14th most competitive nation economically among 148 countries ranked by the World Economic Forum.

The organization, which released its latest Global Competitiveness Report Wednesday, said Canada's efficient goods, labour and financial markets, excellent infrastructure, and well-functioning, transparent institutions helped the country hold on to its relatively high ranking but that there is room for improvement.

"Canada's competitiveness would be further enhanced by improvements in its innovation ecosystem, such as increased company-level spending on R&D (research and development) and government procurement of advanced research products," the report said.

Innovation is what helped to keep Switzerland at the top of the rankings for the fifth consecutive year.

"Switzerland's top-notch scientific research institutions, along with other factors, make the country a top innovator," the report said. "Productivity is further enhanced by a business sector that offers excellent on-the-job training opportunities, both citizens and private companies that are proactive at adapting the latest technologies, and labour markets that balance employee protection with business efficiency."

Switzerland was followed by Singapore, Finland, Germany and the United States, which rose two notches in the rankings this year to No. 5, reversing a four-year slide.

http://ca.news.yahoo.com/canada-remains-14th-most-competitive-economy-world-201400915.html