Iceland dropped one spot on the Global Competitive Index, according to the latest report by the World Economic Forum.Photo: Páll Kjartánsson/Iceland Review.
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.