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Competitiveness / Education & Research


World Economic forum's 12 pillars
  • institutions,
  • infrastructure,
  • macroeconomic environment,
  • health and primary education,
  • higher education and training,
  • goods market efficiency,
  • labour market efficiency,
  • financial market development,
  • technological readiness,
  • market size,
  • business sophistication and
  • innovation.
Source: World economic forum

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. Top class economies

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 decades.

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 Team

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