Finland has been ranked the 11th most competitive country by the World Economic Forum. The country has maintained this rank for two years in a row in the Global Competitiveness Report, which looks at factors and attributes that drive productivity, growth and human development worldwide.
Based on the report, Finland's strengths were its economic stability, security and the quality of its public institutions. However, the small size of the market had a detrimental effect on Finland's ranking.
Singapore pushed the US to second place to top the 2019 list, which has Hong Kong in third place. Of the Nordic countries, Sweden has been ranked eighth, Denmark 10th and Norway 17th.
The Global Competitiveness Index 4.0 is the product of an aggregation of 103 individual indicators organised into 12 ‘pillars’ that include institutions, infrastructure, ICT adoption, skills and market size among others.
The 2019 edition has covered 141 countries accounting for 99 percent of the world’s GDP. In the competing IMD World Competitiveness Rankings published recently, Finland came in 15th position.