Iceland’s global competitiveness has fallen six places according to new figures from the World Economic Forum on the economic competitiveness of nations in 2009-2010. Iceland was ranked the 20th most competitive country in 2008, but 26th this year, according to information from the Icelandic Innovation Centre.
Switzerland is now considered the most competitive economy, beating the USA down into second place. Next come Singapore and the Nordic countries Sweden, Denmark and Finland. Norway comes in 14th place.
The World Economic Forum rankings on national competitiveness are a yardstick on the performance of 133 national economies around the world. The survey is very broad and reflects aspects of national productivity and opportunities for growth. The figures are mostly built on publicly available information and surveys conducted among business leaders.
The Icelandic Innovation Centre is the World Economic Forum’s partner in Iceland and put together its results between March and May this year.
The Global Competitiveness Report 2009-2010, released this week, states that Iceland’s fall in the rankings can largely be attributed to lower economic stability than before, with the country slipping from 56th to 119th on that particular measure. Iceland also fell on the sophistication of its financial sector – from 20th to 85th.
“Nevertheless, the sound competitiveness fundamentals displayed by the country in key areas will, it is hoped, ease the recovery and allow the Icelandic economy to bounce back more rapidly. Toward that end, Iceland can count on a top-notch educational system at all levels (2nd and 4th in the health and primary education and higher education and training pillars, respectively) coupled with a rather sophisticated business sector (23rd) displaying high levels of technological readiness (14th) and innovation (16th). An extremely flexible labour market (6th), efficient infrastructure (11th), and well-functioning institutions (13th) complete the picture,” the report concludes.
What a load of hog wash.
I love that these reports are actually completed and submited by the country itself. No independent group comes in to complete the survey. The purpose is to make the country look as good as possible.
“put together its results” sounds alot like “twisted facts to fit the picture we want others to see”.
Just saying.
Indeed