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top global competitiveness ranking The Most Competitive Economies in the World The Nordic Countries remain the most competitive economies in the world and top the rankings of The Global Competitiveness Report, released annually by the World Economic Forum. For many years, Finland, Sweden, Denmark, Iceland, and Norway have been holding prominent positions in the rankings and featuring frequently among the top five most competitive economies of the world. “The Nordic countries are characterized by excellent macroeconomic management overall – they are all running budget surpluses – they have extremely low levels of corruption, with their firms operating in a legal environment in which there is widespread respect for contracts and the rule of law, and their private sectors are on the forefront of technological innovation”, said Augusto Lopez-Claros, Chief Economist and Director of the World Economic Forum’s Global Competitiveness Programme. Finland is the most competitive economy in the world Among all the Nordic countries, Finland has been traditionally at the top of the Growth Competitiveness Index rankings and has held this position for several years in a row. The country is very well managed at the macroeconomic level, but it also scores very high in those measures that assess the quality of its public institutions. Furthermore, the private sector shows a high proclivity for adopting new technologies and nurturing a culture of innovation. The Global Competitiveness Report looks at factors that make an economy competitive, such as the macroeconomic environment, the quality of public institutions which underpin the development process, and the level of technological readiness and innovation. The Nordic countries are also among the world’s easiest countries in which to do business, according to a new global study by the World Bank and International Finance Corporation. The report, “Doing Business in 2005 – Removing Obstacles to Growth,” examined 145 countries and noted that the Nordic countries had “simple regulations that allow businesses to be productive. And they focus regulation on where it counts – protecting property rights and providing social services”. It also highlighted the Nordic countries as having strong policies to facilitate the starting of businesses as well as offering protection for investors and good methods to enforce business contracts. The WEF's Global Competitiveness Report The World Ecomomic Forum's Global Competitiveness Report is the most comprehensive and authoritative assessment of the comparative strengths and weaknesses of national economies, used by governments, academics and business leaders. The GCR was first published in 1979 and its coverage has expanded each year since, now extending to 104 major and emerging economies. The present rankings continue to provide policy-makers, businesses and organizations of civil society with valuable insights into areas where further progress is called for, in order to improve the environment for private sector economic activity, and generate sustainable growth. The World Economic Forum is the foremost global community of business, political, intellectual and other leaders of society committed to improving the state of the world. Incorporated as a foundation, and based in Geneva, Switzerland, the World Economic Forum is impartial and not-for-profit; it is tied to no political, partisan or national interests. The Forum has NGO consultative status with the Economic and Social Council of the United Nations.
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