At the start of July 2017, the International Chamber of Commerce (ICC) published a new edition of its Open Markets Index (OMI) study. The study makes it possible to compare the openness to international trade of 75 countries worldwide. The OMI has four main areas of focus which are further divided into 23 indicators in order to cover all openness factors.
Since 2007, Cornell University, INSEAD and the World Intellectual Property Organization have published an annual Global Innovation Index. This composite index is a precious tool for comparing and evaluating the ongoing progress made by different countries in the area of innovation. In the 2017 edition, Luxembourg came 12th with a score of 56.40.
The European Innovation Scoreboard is published each year in order to compare the level of innovation of the different countries in the European Union. In 2017, the Grand Duchy is considered a 'strong innovator', and ranks 8th, above the European average.
The Eurostat indicator for actual individual consumption (AIC) confirms that Luxembourg is way out in front in the European ranking. The level of actual individual consumption per capita in the small country at the centre of the European Union (EU) stands at 132% of the EU average.
The world's most expensive places for expats to live are not always the ones you think. Although there is a tendency to say that London and New York are the most expensive cities in the world, it's not true. The cost of living in a developing country can in fact be higher.
The 2017 edition of the World Competitiveness Yearbook, produced by Switzerland's International Institute for Management Development, analyses the competitiveness of 63 countries, using 260 different criteria. The criteria are grouped in four categories: economic performance, effectiveness of public authorities, business environment, and infrastructures.
The Grand Duchy is the leading centre of private banking in the euro area and the second most important centre worldwide for investment funds. The Grand Duchy's financial sector attracts private and institutional investors because of its political, economic and social stability, its modern legal and regulatory environment, and its international outlook. According to the latest figures published by Luxembourg's central bank and the ALFI (Association of the Luxembourg Fund Industry), financial activity in the Grand Duchy is tending to increase.
This index reflects the state of globalisation in 187 countries throughout the world, based on 23 variables grouped into 3 sub-categories: economic globalisation (36% ponderation in the KOF index), social globalisation (37% ponderation), political globalisation (27% ponderation).
ECA International, an HR solution and information provider, has recently published its annual ranking of the most favorable cities for European expats. Luxembourg comes 9th among more than 470 cities analysed throughout the world.
Luxembourg takes 62nd place among the 133 cities analysed. The cost of living has remained stable compared with last year. It shares its ranking with a number of other cities, including Dubai, Montreal and Istanbul. The large cities in the countries neighbouring the Grand Duchy are considered to be more expensive: Paris and Geneva are in 7th place, Frankfurt in 23rd place, Brussels in 39th place, and Amsterdam in 55th place.
The London consultants Z/Yen have just published their latest report on the competitiveness of the world's financial centres. The global ranking lists 88 centres; the Grand Duchy has held its position as leader in the euro area for the past four years.
In its analysis, S&P emphasised the flourishing character of Luxembourg's economy, the efficiency of its institutions and public governance, as well as the prudent budget policy pursued by the Government. The agency is anticipating average GDP growth of 3.4% for the period 2017-2020. In particular, it expects a strengthening of household consumption following the implementation of the 2017 tax reform.
The European Commission annually publishes a report on the digital economy and society:lDigital Economy & Society Index (DESI). The DESI is a composite index measuring progress of EU countries towards a digital economy and society. It is composed of five principal policy areas: Connectivity; Human capital; Use of internet; Integration of digital technology; Digital public services.
In the Global Gender Gap report 2016 produced by the World Economic Forum, the Grand Duchy achieves an overall score of 0.734 points, on a scale from 0 (absence of parity) to 1 (full parity).
In a country, digital technologies create new markets and business opportunities. The major challenge consists of making sure that these opportunities are seized by industrial companies and services so that digitalisation can become a job-creating lever for growth in the country.
In 2016, nearly every household in Luxembourg had access to the Internet (97%). The few "off-line" households either don't have any use for the Internet or are connected elsewhere. They are mostly homes without children or teenagers. 95% of the users log-on on a daily basis for the greater part via their Smartphone.
According to the latest figures published in the Legatum Prosperity Index report, the Grand Duchy's health system is the best in the world. According to the ranking in the study, the Grand Duchy takes first place, ahead of Singapore and Switzerland.
According to the World Economic Forum's 2017 report, the Grand Duchy ranks second in the IDI (Inclusive Growth and Development Index), a new index developed to provide more, and fine-tuned information on countries' economic development level, compared with other models that are based solely on the ratio of GDP to inhabitant.
At the end of 2016 the World Economic Forum (WEF) published a new edition of its report on international trade - the Global Enabling Trade Report 2016. The report, published every two years since 2008, features a composite index - the Enabling Trade Index (ETI) - which assesses the extent to which the 136 economies analysed have in place the factors facilitating the free flow of goods over borders and to their destination.
In a globalised world, a country's human capital is a key factor in its competitiveness. Most countries around the world not only want to grow and attract talent, but also to retain it. This is the idea developed by the INSEAD business school in establishing its annual report on countries' talent competitiveness (GTCI*).
At the end of 2016, Forbes drew up a list of "the best countries for business". Of the 139 countries analysed, the Grand Duchy ranks among the top 20, in a splendid 14th place. The ranking is headed by Sweden, New Zealand, and Hong Kong, in that order. Sweden ranked among the top 10 countries in seven of the eleven categories measured.
On 16 December 2016, the financial rating agency DBRS analysed the prospects of the Luxembourg economy for the first time, and awarded the Grand Duchy a triple A rating, with stable prospects.
The Berenberg Bank and the Lisbon Council have just published the 6th edition of the study on the adjustment and overall health of the economies of the EU-28 countries, called Euro Plus Monitor 2016. The study analyses and ranks the countries on a scale of virtue ranging from 0 (the worst performance) to 10 (the best), basing its analysis on two composite indexes.
GfK, a company that specialises in market and consumer studies, has just updated its study on purchasing power in Europe. The Purchasing Power Europe 2016 study measures purchasing power per inhabitant in 42 countries, after deducting taxes and social charges, and including all benefits received from the State.
The objectives of this report are to evaluate how different countries of the world: develop; attract; retain talents in their territory. A study that makes sense to the extent that the talents of a country are resources every economy and every business needs to grow and create sustainable added value.
At the end of 2016, the International Telecommunication Union (ITU) published the new edition of its report entitled 'Measuring the information society'. The report analyses the introduction of information and communication technologies (ICT) in 175 countries and the potential for ICT-related development.
In the 20th edition of the half-yearly Global Financial Centres Index, the consultancy agency Z/Yen evaluated 87 financial centres from all over the world according to their competitiveness. In this ranking, Luxembourg comes in 12th position globally and in 3rd position of the European financial centres. In all, the index confirms the dynamism and the international outlook of the financial centre.
According to the third edition of the InterNations annual report, the Grand Duchy attracts a large number of expats. The ranking is based on a survey of expats who awarded marks to various aspects of expat life (quality of life, family life, cost of living, etc.) in 67 destinations worldwide.
In July 2016, the European Commission published a new edition of its European Innovation Scoreboard (EIS). According to the scoreboard, Luxembourg comes in 9th position among the 28 member states of the European Union, as far as innovation is concerned.
Due to its excellent strategic location, Luxembourg has established itself as an ideal intercontinental logistics operations hub for value-added logistics activities. And this is no news for a country that has been promoting the logistics sector for years. However, a recent World Bank study underpins Luxembourg's great achievements in this domain. While Luxembourg honorably ranked in eighth place in 2014, it arrives in second today.
In the 2016 edition of the Mercer Cost of Living Survey, Luxembourg City ranks 86th globally, together with Brussels. Compared with the 2015 edition in which Luxembourg City ranked 94th, costs of living have slightly grown for expats.
In the 2015 edition of the World Competitiveness Yearbook of the Swiss International Institute for Management Development (IMD), Luxembourg loses a few ranks and ends up 11th among the world's 61 most competitive countries. The Grand Duchy has to accept some harsh setbacks in some of the sub-indicators.
In the most recent edition of the Xpatulator ranking, published in April 2016, Luxembourg ranks 47th in the list of the most expensive countries in the world for expatriates. Belgium ranks 60th, Germany 75th, the Netherlands 83rd and France 86th.
It would seem that Luxembourg is a country where life is good. At least that is what a study on happiness, published by the 'Earth Institute' at Columbia University, reveals, the famous 'World Happiness Report'. In this study, conducted between 2013 and 2015 in 156 countries, the Grand Duchy is placed in 20th position (2014: 19th place).