Iceland dropped one spot on the Global Competitive Index, according to the latest report by the World Economic Forum.
Iceland currently ranks 31st on the list but in 2008 Iceland ranked 20th. According to the report, despite significant difficulties in recent years, Iceland continues to benefit from a number of competitive strengths in moving to a more sustainable economic situation such as a high quality education system and a “relatively innovative business sector that is highly adept at adopting new technologies for productivity enhancements.”
The report states that the country’s labor market is efficient and the infrastructure well-developed but that Iceland suffers from a “weakened macroeconomic environment and financial markets remain areas of concern.”
Switzerland is in first place, followed by Singapore and Finland.
Read the full report here.