Norway and Scandinavia have strengthened their competitiveness, according to a Swiss survey. The US falls seven places in the ranking.
It is the Swiss Business School IMD that annually ranks countries based on their international competitiveness.
Norway rises four places to capture a seventh place on this year’s list.
We are still beaten by Denmark, which rises six places and is near the top of second place. Sweden also advances and is right in front of Norway on the list.
The fight against Corona
“The benefit to small economies in the current crisis is due to their ability to fight a pandemic and their economic competitiveness,” says economy professor Arturo Bris at IMD in a statement.
He believes these forces may be linked to the fact that social consensus in this type of country is easier to achieve.
Finland has been ranked 13th on this year’s list, but is also doing better than last year.
The United States is lagging behind
For the United States, however, the situation is the opposite. The country went to the top of the list in 2018, but then fell to third place.
This year, the United States falls further to tenth place – just behind the United Arab Emirates.
“Trade wars have hurt the economy in both China and the United States,” a press release from IMD said.
Singapore on top
For Norway, efficient public administration and various economic indicators have contributed to our upward trend.
The vast majority of countries at the top of the list have democratic governance and freedom of speech. But at the top is Singapore – for the second year in a row. The city state has been governed by the same political party since 1959.
Comprehensive international trade and good IT infrastructure are emphasised by IMD to explain Singapore’s place in the ranking.
© NTB Scanpix / #Norway Today