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Luxembourg ranks 18th in the 2019 edition of the Global Competitiveness Report published by the World Economic Forum. The most competitive economies include Singapore, the United States, Hong Kong, the Netherlands and Switzerland.

Leading macro-economic stability

Luxembourg ranks 1st among the most competitive countries in the world in terms of macro-economic stability. This is due to its low inflation and favourable debt dynamics. It ranks 9th in the “institutions” category, in particular due to its absence of terrorism attack, low homicide rate and high reliability of police services.

Not very surprisingly, Luxembourg is also in 10th position in the category “Financial system”, mainly due to the soundness of its banks, the low rate of non-performing loans and the availability of venture capital.

Favourable labour market

Luxembourg is in 12th place in the “Labour market” category, where it comes out particularly well in terms of active labour market policies, the ease of hiring foreign labour and the cooperation in labour-employer relations.

“Among [Luxembourg’s] assets is the strong presence of a foreign workforce, often qualified or even highly qualified, which represents 73% of the labour market and places Luxembourg, according to business leaders, as one of the countries where the workforce is the most competent. International talent is thus one of the driving forces of an internationally competitive financial centre, a well-established entrepreneurial culture and an evolving innovation ecosystem,” comments the Luxembourg Chamber of Commerce.

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