Finland is ranked first in the Europe 2020 Competitiveness Index published by the World Economic Forum (WEF). The index is part WEF’s The Europe 2020 Competitiveness Report: Building a More Competitive Europe 2014 Edition which assesses countries in terms of 12 pillars that contribute to competitiveness, covering institutions and infrastructure, efficiency enhancers and innovation and sophistication factors.
According to the report, Finland’s top ranking is driven by a strong focus on education and training, which has provided the workforce with the skills needed to adapt rapidly to a changing environment, and has laid the groundwork for high levels of technological adoption and innovation. Finland is described as one of the innovation powerhouses in Europe, ranking first in the innovative Europe pillar, and a global leader in moving towards a digital economy, where it is also ranked first.
Attractive business environment
The report praises Finland’s enterprise environment for fostering business creation, supported by readily available finance for business investment. Finland also receives a strong assessment in the inclusive growth component thanks to its well-functioning labour market and relatively strong labour market participation.
Finland is ranked as the best in Europe for its strong social inclusion based on low inequality in the country, providing social services and the opportunity for its citizens to improve their economic status independent of their socio-economic background. Finland’s strong showing on the sustainability component, where it is ranked second, demonstrates that its economic prowess does not come at the expense of environmentally sustainable practices and outcomes.
Source: World Economic Forum