Scandinavia Ranks on the Top 10 List of World’s Most Competitive Countries. Denmark ranks at the top, while Sweden is no. 4 and Norway no. 9.
For the first time in the 34 years that the IMD Business School has published its World Competitiveness Ranking, Denmark rose from third place last year to the top spot for 2022.
For context, the IMD report analyses and ranks economies based on how the government manages its competencies and policies in domains such as economic, government, business, and infrastructure to achieve long-term value creation, comprising 333 competitiveness criteria which go beyond the realms of gross domestic product (GDP) and productivity levels. The most competitive economy has a score of 100.
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After steadily climbing the list from number 6 in 2018, Denmark received high marks for its resilient economy, law and order, social responsibility, stability, cohesion, absence of corruption, openness to trade, adaptability, ongoing education and motivated employees.
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“Denmark is the most digitally advanced country in the world and now takes the top spot thanks to good policies, advantages afforded by being a European country, a clear focus on sustainability and a push from its agile corporate sector,” Arturo Bris, a professor at the Lausanne, Switzerland-based IMD, said in the statement.
At a quick glance, the top 10 most competitive economies globally are:
Hong Kong (94.89)
United States (89.88)
“This good result reflects that we, in many ways, have an incredibly well-functioning society and some very strong businesses,” Allan Sørensen, chief economist at the Confederation of Danish Industry (Dansk Industri, DI), told DI Business.
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Along with the other Nordic nations, the Danish economy fared better through lockdowns than most of its wealthy peers, helped by strong social safety networks, low debt levels and digital progress, as well as lower dependency on tourism. Denmark’s unemployment is at its lowest level in 14 years and gross domestic product will likely expand 3.4% this year, according to the most recent government forecast.