Countries that have the best workforce

The key for the future of any country and any institution lies in the talent, skills and capabilities of its people.

To find out the countries that are best poised to leverage its citizens, World Economic Forum has come up with Human Capital Report. The study ranks the best workforce based on the countries’ education, healthcare system, and work environment.

India

India lacks behind and ranks 78 out of 122 countries that were assessed. India is behind its Asia peers such as Vietnam, Philippines, Indonesia, Sri Lanka, Thailand, and China.

It ranks India’s education system at 63, healthcare at 112 and enabling environment at 67.

China

China ranks 43 just above Thailand (ranked 44). The report china’s education system at 58, healthcare at 65 and enabling environment at 47.

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Ireland

Rank: 20

Score: 0.824

Contribution of services and high-tech industry to Ireland’s economy are on a rise. As of now it depends on trade, industry and investment sectors.

It is also one of the wealthiest countries in terms of per capita GDP and has one of the best quality of life.

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Australia

Rank: 19

Score: 0.831

Australia is one of the biggest economies in the world in terms of nominal GDP and per capita GDP. The country has a highly developed services sector, which contributes 68 per cent to the economy.

Australia also has a big mining industry, which contributes about 9 per cent to the country’s GDP.

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Qatar

Rank: 18

Score: 0.834

Qatar has a petrol economy. The fossil fuel contributes about 60 per cent to the country’s GDP. Thanks to this, Qatar per capita GDP is one of the highest in the world.

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Luxembourg

Rank: 17

Score: 0.881

The economy of Luxembourg is largely dependent on the banking, steel, and industrial sectors. Just like Qatar, Luxembourgers enjoy the one of the highest per capita GDP in the world.

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United States

Rank: 16

Score: 0.920

US is the largest economy in the world in terms of nominal GDP and ranks high in Purchasing Power Parity.

The US has abundant natural resources, a well-developed infrastructure, and high productivity.

Of the world's 500 largest companies, 132 are headquartered in the US. This is twice compared to any other country. And it also has one of the biggest and most influential financial market.

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Japan

Rank: 15

Score: 0.948

It is the third largest economy in the world and also second most developed country. Some of the biggest industries in the country include automobile and electronics.

It regularly features as the most innovative country list and has one of the largest patent filings.

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Iceland

Rank: 14

Score: 0.957

Iceland has a mixed economy with high levels of free trade but some sector still has government intervention. Being a small economy, it is also quite volatile.

Most of the people in Iceland are employed in services-related job followed by industry.

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Austria

Rank: 13

Score: 0.977

The country has a well-developed social market economy and a high standard of living. According to Wikipedia, Labour movements are particularly strong in Austria and have large influence on labour politics.

One of the biggest contributors to the country’s economy is tourism. Other major industries include construction, machinery, and auto.

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New Zealand

Rank: 12

Score: 0.978

New Zealand has a market economy that depends greatly on international trade, mainly with Australia, the European Union, the United States, China, South Korea and Japan.

The main industries in the country include tourism and agriculture. It is also one of the best places to do business according to the World Bank.

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Belgium

Rank: 11

Score: 0.985

Belgium, which has a GDP of $419.6 billion, is a major exporter of dairy products. It also has excellent transportation infrastructure of ports, canals, railways, and highways.

Belgium has few natural resources other than fertile soils and hence it imports raw materials and semi-finished goods that are further processed and re-exported.

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Canada

Rank: 10

Score: 0.987

Canada, one of the richest economies in the world, offers high standard of living, excellent infrastructure, and good wages.

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Denmark

Rank: 9

Score: 1.024

Denmark has a diverse, mixed economy, but one that relies almost entirely on human resources, as there are few mineral resources available, except mature oil and gas wells in the North Sea, according to Wikipedia.

Cooperatives form a large part of some sectors, be it in housing, agriculture or retail. It also has one of the lowest income inequality and ranks high on minimum wages in the world.

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United Kingdom

Rank: 8

Score: 1.042

United Kingdom, one of the biggest financial centres in the world, offers high standard of living, excellent infrastructure and good wages.

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Norway

Rank: 7

Score: 1.104

Norway, which has some of the biggest oil and gas reserves in the world, has excellent infrastructure, high standard of living and open society.

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Germany

Rank: 6

Score: 1.109

Germany, one of the biggest economic powerhouses of the world, depends largely on its massive export sector.

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Sweden

Rank: 5

Score: 1.111

Sweden has one of the highest per capita incomes and is one of the least unequal societies in the globe.

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Netherlands

Rank: 4

Score: 1.161

The Netherlands, one of the richest countries in the world, is a major exporter of dairy products.

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Singapore

Rank: 3

Score: 1.232

One of the most open economies in the world, Singapore is consistently ranked as one of the best places to do business. It has low level of corruption, low taxes and best pro-business policies.

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Finland

Rank: 2

Score: 1.406

Services sector is the largest contributor (65.7 per cent) the economy of Finland, followed by manufacturing and refining.

Some of the biggest industries in the country include electronics, machinery, vehicles and other engineered metal products, forest industry, and chemicals.

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Switzerland

Rank: 1

Score: 1.455

The economy of Switzerland is one of the world's most stable economies. Its policy of long-term monetary security and political stability has made Switzerland a safe haven for investors, creating an economy that is increasingly dependent on a steady tide of foreign investment, according to Wikipedia.

Because of the country's small size and high labour specialisation, industry and trade are the keys to Switzerland's economic livelihood.