Finland has risen to third place in the latest Global Competitiveness Report (GCR) published by the World Economic Forum.
Last year Finland was ranked fourth after being placed sixth or seventh the three preceding years.
Switzerland, where the Forum is based, topped the report for the fourth consecutive year. Singapore placed second, while Sweden fell into fourth place.
Sweden tops in online effectiveness
Also on Wednesday, Finland was ranked fifth in a list of the countries most effective at using the internet to improve people's lives, according to a global survey launched by Tim Berners-Lee, the inventor of the World Wide Web.
The World Wide Web Foundation's Web Index measures the economic, social and political impact of the internet, ranking 61 countries on criteria ranging from the proportion of people online to the amount of useful content available.
Finland ranked behind Sweden, the US, the UK and Canada.
Seven of the lowest 10 countries in the survey were in Africa.
In 2004, Berners-Lee was awarded the Millennium Technology Prize by Finnish President Tarja Halonen.