There is some sign of convergence in the competitiveness of the world's largest emerging markets - according to ‘The Global Competitiveness Report 2016-2017' published by the World Economic Forum.

China, on 28, remains top among the BRICS grouping although another surge by India - which climbs 16 places to 39 - means there is now less of a gap between it and its peers. With both Russia and South Africa moving up two places to 43 and 47 respectively only Brazil is declining, falling six places to 81.

For the eighth consecutive year, Switzerland ranks as the most competitive economy in the world, narrowly ahead of Singapore and the United States Following them is Netherlands and then Germany. The former has climbed four places in two years.

The next two countries, Sweden (6) and the United Kingdom (7) both advance three places, with the latter's GCI score being based on pre-Brexit data. The remaining three economies in the top ten; Japan (8), Hong Kong SAR (9) and Finland (10) all move backwards.

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