SAN FRANCISCO — The World Economic Forum said Wednesday that the BRICS countries, despite their booming economies, are lagging behind their rivals when it comes to capitalizing on Internet technologies.
The Switzerland-based non-profit group released a report highlighting that the world's most developed countries dominate the top of a "networked readiness" list while the highest ranking BRICS nation was China in 51st place.
The acronym "BRICS" is used to refer to surging economies in Brazil, Russia, India, China and South Africa.
Although BRICS are fiercely competitive in the global arena, they are hampered by challenges when it comes to adopting information and communications technology (ICT), according to the "Living in a Hyperconnected World" report.
A lack of skilled workers and shortcomings in institutional environments for businesses were cited as factors stifling entrepreneurship and innovation.
The forum's chief business officer Robert Greenhill said the Internet was causing a shake-up for traditional organizations and "we are beginning to see fundamental transformations in all areas of the economy and society."
Sweden was ranked highest in networked readiness, followed by Singapore, Finland, Denmark, Switzerland, Netherlands, and Norway.
The United States was in eighth place, with Canada and Britain rounding out the top 10 list.
The Networked Readiness Index combined data from publicly available sources with feedback from a survey of more than 15,000 executives.