Finland has climbed to number 1 in Europe’s top 10 most competitive economies 2014 list. The ranking is part of World Economic Forum’s The Europe 2020 Competitiveness Report that was published this week. Report tracks Europe’s progress on its competitiveness agenda and includes an index which ranks the competitiveness of European Union member states.
Finland receives credit from its 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”. According to WEF, Finland remains one of the innovation powerhouses in Europe ranking 1st in the innovative Europe pillar, and a global leader in moving towards a digital economy.
The report emphasizes Finland’s enterprise environment that fosters business creation, and is supported by readily available finance for business investment. Country has “a well-functioning labour market and relatively strong labour market participation, as well as 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”.