Norwegian competitiveness is weakened, according to ranking

oilOil.Photo: pixabay.com

Norway drops two places and is now at ninth place in a new ranking of the world’s most competitive economies.

Norway drops from seventh place in the ranking of international competitiveness made by  business school IMD in Switzerland. Norway face challenges this year including both the low oil price and a weak productivity growth, IMD says.
The US has been at the top of the list for the preceding three years, but the US economy has now been surpassed by both Chinese Hong Kong and Switzerland. Singapore, Sweden, Denmark, Ireland and the Netherlands make up the next five places, while Norway and Canada is at the ninth and tenth place of the top ten.
-What all the countries on the top 20 list have in common is that they are business friendly, have a physical and invisible infrastructure and inclusive institutions,  Arturo Bris in IMD says in a statement.
The ranking is based on 340 criteria of economic performance and conditions for business. IMD has made similar annual rankings since 1989.
The rrade school also asked business leaders with ties to Norway about the factors that make the country attractive. Out of those, 78.1 per cent agreed that it is the “political stability and predictability.” The category that is most rarely mentioned by the respondents is “competitive tax regime” which is only mentioned by 4.7 percent.

The ten countries with the best competitiveness

1. Hongkong (2. plass i fjor)

2. Sveits (4)

3. USA (1)

4. Singapore (3)

5. Sverige (9)

6. Danmark (8)

7. Irland (16)

8. Nederland (15)

9. Norge (7)

10. Canada (5)

(Kilde: IMD World Competitiveness Yearbook 2016)

Source: NTB scanpix / Norway Today

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