What makes for "Global Competitiveness"?

Top Countries in Global Competitiveness: article, slideshow

An observation - a number of the small countries with outsize rankings are noted as having high taxes. So high taxes need not harm - and when the tax revenues are used effectively, may benefit - competitiveness (at least as measured by this group).

On a more speculative note, Britain is noted for "sophisticated financial markets", and also as no longer in the top ten ... and falling. Is there a correlation?