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Finland and USA are most competitive economies, says WEF report

Finland maintains its position at the top of the recent global competitiveness ranking. Finland owes its strong showing to one of the most innovative business environments in the world, particularly critical to driving productivity in the country, given its advanced stage of development. This is coupled with a very healthy macroeconomic environment, at a time when many other industrial countries are struggling in this area. Furthermore, the business community operates in a climate of respect for the law, unusually low levels of corruption, and an openness and transparency which other countries would do well to study.

The United States is ranked second, its strong performance attributable to its continuing technological supremacy, and a pipeline of innovation second to none in the world. The US has companies that are aggressive in adopting new technologies, and spend heavily on research and development. However, the country¿s technological prowess is offset by its significantly weaker performance in other areas measured by the index, in particular aspects of the macroeconomic environment and public finances.

The World Economic Forum"s Global Competitiveness Report assesses 117 economies. The methodology combines publicly available data with survey data that captures the perceptions and observations of business leaders in a given country.

For more information: http://www.weforum.org

Global Competitiveness Report 2005-2006

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