Sweden and Finland maintain momentum as top 10 most competitive economies in the world
Wednesday, 04 September 2013
Sweden and Finland have emerged among the top 10 most competitive
economies of the world, new compilation from the world economic forum
revealed in its Global Competitiveness Report for 2013 / 2014.
In a report in which the Geneva based organisation started by saying
that excellent innovation and strong institutional environments are
increasingly influencing economies’ competitiveness, Switzerland come
on top as the most competitive economy on earth for that period for the
fifth year running.
In the report, Singapore and Finland remain in second and third
positions respectively. Germany moves up two places (4th) and the
United States reverses a four-year downward trend, climbing two places
to fifth. Hong Kong SAR (7th) and Japan (9th) also close the gap on the
most competitive economies, while Sweden (6th), the Netherlands (8th)
and the United Kingdom (10th) a fall.
The study compared 148 countries in key aspects of economic
efficiency based on the Global Competitiveness Index or the
(GCI), which was introduced by the World Economic Forum in 2004.
It defines competitiveness as the set of institutions, policies and
factors that determine the level of productivity of a country, GCI
scores are calculated by drawing together country-level data covering
12 categories – the pillars of competitiveness – that together make up
a comprehensive picture of a country’s competitiveness.
Finland retains which emerged 3rd position in the world and would
mean the 1st in the Scandinavia has similar characteristics of the
countries in the region. It boasts well functioning and highly
transparent public institutions, 1st, topping several indicators
included in this category. Its private institutions are ranked 3rd
overall, are also
seen to be among the best run and most ethical in the world. Finland
also occupies the top position in the health and primary education,
higher education and training strong focus on education over recent
Sweden falls two places to 6th position. The country has been placing
significant emphasis on creating the conditions for innovation led
growth. Although the assessment has deteriorated slightly over the past
year—mainly due to a somewhat
weaker macroeconomic environment—the quality of Sweden’s public
institutions remains first rate, with a very high degree of efficiency,
trust, and transparency.
Private institutions also receive excellent marks, with firms that
demonstrate highly ethical behaviour. Additional strengths include
goods and financial markets that are
very efficient, although the labour market could be more
flexible. Combined with a strong focus on education over the
years and a high level of technological readiness (1st), Sweden has
developed a very sophisticated business culture (7th) and is one of the
world’s leading innovators, writes the world economic forum.
Others: Norway 11th and Denmark emerged 15th.
by Scancomark.com Team