Finland remains the most competitive economy in the world and tops the rankings for the third consecutive year in The Global Competitiveness Report 2005-2006, released today by the World Economic Forum. The US is in second position, followed by Sweden, Denmark, Taiwan and Singapore, respectively.

"The Nordic countries share a number of characteristics that make them extremely competitive, such as very healthy macroeconomic environments and public institutions that are highly transparent and efficient, with general agreement within society on the spending priorities to be met in the government budget. While the business communities in the Nordic countries point to high tax rates as a potential problem area, there is no evidence that these are adversely affecting the ability of these countries to compete effectively in world markets, or to provide to their respective populations some of the highest standards of living in the world. Indeed, the high levels of government tax revenue have delivered world-class educational establishments, an extensive safety net, and a highly motivated and skilled labour force," said Augusto Lopez-Claros, Chief Economist and Director of the Forum’s Global Competitiveness Programme.

For more information, visit the World Economic Forum’s website:

Global Competitiveness Report

Press release

Video interviews with the report’s authors

Full rankings