Sweden Third in WEF Ranking
The Nordic countries dominate the World Economic Forum’s annual ranking of the most competitive economies this year.
While Finland led the business forum’s 2004 overall growth competitiveness index for the second year running, Sweden placed third, with Denmark and Norway close behind.
The 2004 survey favoured smaller economies and highlighted the quality of public institutions as well as the legal framework that companies rely on for a steady business.
Traditionally the business community regards high taxation and spending on social security, a feature of the Nordic economies, as a burden for financial performance. But once again the nearly 9,000 executives questioned by the WEF gave positive marks to the economic and business environment in the Nordic region.
The region also fared well because of their ideals of curbing corruption, respect for contracts, rule of law and dedication to one-on-one business relationships.
Also topping the list were the United States, which came in second and Taiwan, which came in fourth.