September 28, 2016

Finland remains competitive on the global stage

The WEF competitiveness ranking underlines Finland’s strengths in transparent public institutions and education.
The WEF competitiveness ranking underlines Finland’s strengths in transparent public institutions and education.
Aalto University

Finland has been ranked 10th in the annual Global Competitiveness Report by the World Economic Forum (WEF).

The ranking, evaluating the competitiveness landscape of 138 economies, praises Finnish institutions and education. In addition, availability of scientists and engineers as well as the high degree of collaboration between universities and companies are perceived as Finland’s core strengths.

Last year, Finland placed eighth in the ranking. According to the WEF, the slight drop can be attributed to Finland’s weakening macroeconomic environment.

The WEF report focuses on the comprehensive picture of competitiveness, measuring the likes of the functioning of the institutions, infrastructure and education in the assessed economies.

“We define competitiveness as the set of institutions, policies, and factors that determine the level of productivity of an economy, which in turn sets the level of prosperity that the country can achieve,” the report says.

Switzerland, Singapore and the United States remain the top three most competitive economies in the world.

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