Finland has improved its economic competitiveness, according to the annual IMD World Competitiveness Yearbook ranking. This year, Finland is ranked 18th from 60 countries, up two places from last year. Professor Arturo Bris, Director of the IMD World Competitiveness Center, believes that the future prospects for Finland are good.
According to IMD, Finland has improved its competitiveness in terms of international trade, finance and attitudes and values. Finland’s ranking was also boosted by a cut in corporation tax, a stronger belief in the opportunities of the Finnish cleantech industry, and increasing direct investments both from overseas to Finland and from Finland to other countries.
Good future prospects
According to Bris, Finland is among the peripheral economies in Europe whose competitiveness has clearly improved despite unemployment and the challenging situation facing public finances. “Europe is getting back on its feet as an economic power. And if the eurozone continues to recover, Finland will do the same,” says Bris in an interview with Taloussanomat magazine.
The IMD World Competitiveness Yearbook measures how well countries manage all their resources and competencies to increase their prosperity. The overall ranking reflects more than 300 criteria, two-thirds of which are based on statistical indicators and one-third on an exclusive IMD survey of 4,300 international executives.
Sources: IMD, Taloussanomat