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Finland ranked 4th in Global Competitiveness Report

News   •   Sep 05, 2014 15:23 BST

Finland has been ranked in fourth place in the World Economic Forum’s Global Competitiveness Report 2014–15. The top ten most competitive countries according to the report are: 

  1. Switzerland
  2. Singapore
  3. United States
  4. Finland
  5. Germany
  6. Japan
  7. Hong Kong
  8. Netherlands
  9. United Kingdom
  10. Sweden 

Finland lost one position compared to last year's report where it was ranked third overall, but still kept its first place position among the EU member states. 

"The Global Competitiveness Report 2014-15 assesses the competitiveness of 144 economies, providing insight into the drivers of their productivity and prosperity." The report examines institutions, infrastructure, health and education, labour market efficiency, technological readiness, innovation and business sophistication. 

Highlights from this years report were key findings such as the need for structural reforms to raise productivity and competitiveness, the importance of being able to attract and retain talent while constantly introducing new products and services into the market, and the need for a discussion and collaboration between the business, government and civil societies.  

Finland received top scores on health and primary education, the higher education and training and innovation, and was also highly ranked in institutions. Market size, labour market efficiency and the macroeconomic environment were areas that Finland was lacking in.  

Sources: GoodNewsFinlandWEForum