"[The UK] benefits from an ICT uptake that is one of the highest in the world. That, coupled with a highly competitive and large market, allows for highly sophisticated and innovative businesses to spring up and develop," the report said.
Despite an improved fiscal position, borrowing is expected to remain well above pre-crisis levels this year, while Britain's £1.4 trillion debt pile continues to grow. These factors mean Britain ranked 107th out of 144 nations in this area.
Switzerland retained its place as the world's most competitve nation for the sixth consecutive year. The WEF said high levels of spending on research and development and "strong co-operation between the academic and business worlds" had helped the country to maintain high levels of productivity and its position as a top innovator.
Singapore remained in second spot, while the US climbed one place to third, amid a strengthening recovery. Japan posted the biggest improvement among the top ten economies, rising three places to sixth. The WEF said the world's third largest economy continued "to enjoy a major competitive edge" in terms of quality and innovation.
France, which has slipped down several places in recent years, retained its position in 23rd spot. While the WEF said France had made progress on labour market reform, it added: "The fiscal situation continues to deteriorate".
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