Placing a strong emphasis on “creating conditions for innovation-led growth” contributed to Sweden being ranked as one of the world’s most competitive nations.
Sweden was ranked third in the World Economic Forum's 2011-2012 Global Competitiveness Report, down a place from last year.
“Sweden has developed a very sophisticated business culture and is one of the world’s leading innovators,” the report said. "The country boasts a stable macroeconomic environment.”
Boasting high scores in categories like business sophistication, innovation, technological readiness and higher education, Sweden was also top-ranked in categories including availability of latest technologies and effectiveness of anti-monopoly policy.
“The quality of its public institutions is first-rate, with a very high degree of efficiency, trust, and transparency,” the report said.
“Private institutions also receive excellent marks, with firms that demonstrate the highest ethical behavior, supported by strong auditing and reporting standards and well-functioning corporate boards.”
Switzerland topped the overall rankings while Singapore overtook Sweden for second position. The United States continues its decline for the third year in a row, falling one more place to fifth position.
Northern and Western European countries dominated the top 10 with Finland fourth, Germany sixth, the Netherlands seventh, Denmark eighth and the United Kingdom tenth. Japan came in at number nine.
This article was published in collaboration between Stockholm Business Region and The Swedish Wire.