Finland ranked 2nd and Sweden 3rd in Global Competitiveness Report 2006-2007

Switzerland, Finland and Sweden are the world’s most competitive economies according to The Global Competitiveness Report 2006-2007, released by the World Economic Forum on 26 September 2006.

The rankings are drawn from a combination of publicly available hard data and the results of the Executive Opinion Survey, a comprehensive annual survey conducted by the World Economic Forum.

Countries that, like the Nordics, are investing heavily in education are likely to see rising levels of income per capita, growing success in reducing poverty and an increasing ability to establish a presence in the global economy," said Augusto Lopez-Claros, Chief Economist and Director of the World Economic Forum’s Global Competitiveness Network.

Finland has a very healthy macroeconomic environment and transparent and efficient institutions, as well as an excellent educational system and a highly innovative business community.

“Finland is very well managed at the macroeconomic level, at a time when many other industrialized countries are struggling in this area. The willingness of Finnish governments to run budget surpluses, so as to be able to meet future social commitments linked to the aging of the population, is particularly impressive. The country is also endowed with public and private institutions that are assessed as
being the most efficient and transparent in the world. Finland is also unsurpassed with regards to the quality of higher education available to citizens, which is so critical for adaptation in a fast-moving global economy. Furthermore, the private sector shows a high proclivity for adopting new technologies and nurturing a culture of innovation, placing Finland very firmly among those countries closest to the high tech frontier,” said Augusto Lopez-Claros.

Sweden's position on the Business Competitive Index, a sister rating focusing purely on business conditions in 121 countries, was seventh. Despite being ranked third for 'sophistication of company operations and strategy', Sweden came eighth for the 'quality of the national business environment'.

High tax rates and restrictive labour regulations were highlighted as the most problematic factors for doing business in Sweden.

Global Competitiveness Index 2006 and 2005 comparisons
Country	GCI Rank 2006	GCI Score 2006	GCI Rank 2005
Switzerland	1	5.81	4
Finland	2	5.76	2
Sweden	3	5.74	7
Denmark	4	5.70	3
Singapore	5	5.63	5
United States	6	5.61	1
Japan	7	5.60	3
Germany	8	5.58	6
Netherlands	9	5.56	11
United Kingdom	10	5.54	9

Source: World Economic Forum click here.