Finland is ranked 4th in The Global Competitiveness Report 2014–2015 published by the World Economic Forum. The report assesses the competitiveness landscape of 144 economies, providing insight into the drivers of their productivity and prosperity, and presenting the most comprehensive assessment of national competitiveness worldwide.
According to the report, Finland continues to exhibit a strong performance across all the analyzed dimensions. However, Finland’s biggest competitiveness strength lies in its capacity to innovate, where the country leads the world rankings (1st). This outstanding result is driven by very high public and private investments in R&D (3rd), with very strong linkages between universities and industry (1st) coupled with an excellent education and training system (1st), and one of the highest levels of technological readiness (11th).
Reliable institutions and high business sophistication
Finland’s well-functioning and transparent public institutions are also ranked among the best in the world, scoring highly in many of the indicators in this category, such as property rights, intellectual property protection, judicial independence, efficiency of the legal framework, reliability of the police services, and ethical behavior of firms.
Finland also scores well for financial development (5th) and manages to use its existing talent efficiently (7th). Within the category of business sophistication, Finland scores well for local supplier quality (9th), nature of competitive advantage (4th), production process sophistication (3rd), and willingness to delegate authority (5th).
Source: World Economic Forum