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Denmark up on global competitive rankings

Country moves up two places, to no.13, on the World Economic Forum’s Global Competitiveness index 2014, but remains last in the Nordic region. 10th in the subcategory of education and training

It’s the first time in three years that Denmark has moved up the list, acknowledged as the most comprehensive assessment of national competitiveness worldwide, after dropping seven places between 2011-13, reports

Hanne Shapiro, head of the Technological Institute, which provides the Danish data for the survey, welcomed the upward move that, the report claims, is due to a ‘tight financial policy’ and easier access to loans. She added:

“Another positive move is the character of our competiveness. We don’t compete on price but on unique products and processes. And at the same time we have a flexible labour market.”

Transparent institutions

Switzerland tops the index again this year, keeping its 1st place for six years in a row, followed by Singapore at No.2. The USA has climbed to 3rd place, pushing out Finland which remains the most competitive Nordic country – Sweden has slipped to no.10 from no.6 last year, while Norway remains no.11.

Click to see The Global Competitiveness Report’s view of Denmark.

Denmark improves by two positions to reach 13th place on the back of a slight rebound in the assessment of its institutions and financial markets as well as more favorable macroeconomic conditions, which together have allowed the country to close the European Commission’s formal procedure that assesses excessive deficits.

Similar to its Nordic neighbors, Denmark continues to benefit from a well-functioning and highly transparent institutional framework (16th), the report writes.

10th in higher education

The country also continues to receive a first-rate assessment for its higher education and training system (10th), which has provided the Danish workforce with the skills needed to adapt rapidly to a changing environment and has laid the ground for high levels of technological adoption and innovation. A continued strong focus on education would allow the workforce to maintain the skill levels needed to provide the basis for sustained innovation-led growth, the report writes.

A marked difference from the other Nordic countries relates to labor market flexibility, where Denmark (12th) continues to distinguish itself as having one of the most efficient labour markets internationally, with flexible regulations; strong labour-employer relations; and a very high percentage of women in the labour force.

See the full Denmark rankings here.

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