October 3, 2017

Finland remains highly competitive globally

Finland's competitive edge stems from its high educational standard and innovation environment.
Finland's competitive edge stems from its high educational standard and innovation environment.
Aalto University

Finland has kept its 10th place in the annual Global Competitiveness Report produced by the World Economic Forum (WEF).

The report evaluates the competitiveness landscape of 137 economies, with Finland keeping steady in 10th place predominantly due to the high educational standard in the country.

Finland ranks first in health and primary education and its higher education performance is second only to Singapore. High levels of investment in human capital complimented with a sophisticated innovation environment (fourth place) also explains why Finland remains in the global top 10.

The WEF report looks at indicators such as institutions, education and markets of the economies in question to measure their respective competitiveness.

“It assesses the factors and institutions identified by empirical and theoretical research as determining improvements in productivity, which in turn is the main determinant of long-term growth and an essential factor in economic growth and prosperity,” the report states.

Switzerland remains the world’s most competitive economy, followed by the US and Singapore.

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