GENEVA, 15 October 2004 — Finland remains the most competitive economy in the world and tops the rankings for the second consecutive year in The Global Competitiveness Report 2004-2005, released on Wednesday by the World Economic Forum. The United States is in second position, followed by Sweden, Taiwan, Denmark and Norway, consecutively.
“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. These countries prove the point that enhanced competitiveness and boosting the capacity of economies to operate effectively in the global economy is a multifaceted challenge requiring concerted actions on a number of fronts,” said Augusto Lopez-Claros, chief economist and director of the World Economic Forum’s Global Competitiveness Program.
The rankings are drawn from the results of the Executive Opinion Survey, a comprehensive survey conducted by the World Economic Forum, which this year polled over 8,700 business leaders in 104 economies worldwide. The survey questionnaire is designed to capture a broad range of factors affecting an economy’s business environment that are key determinants of sustained economic growth. Particular attention is placed on elements of the macroeconomic environment, the quality of public institutions which underpin the development process, and the level of technological readiness and innovation.
The Nordic countries continue to hold prominent positions in the rankings among the top ten most competitive economies this year, with Finland (1), Sweden (3), Denmark (5), Norway (6) and Iceland (10) all in privileged places. The largest improvement among these countries is posted by Norway with a move up from 9th to 6th place this year, the report said.
