Iceland ranks 24th in this year’s Global Competitiveness Report published by the World Economic Forum. RÚV reports that Iceland has risen four spots in the ranking since last year.
The Global Competitiveness Index defines national competitiveness as “as the set of institutions, policies and factors that determine the level of [a country’s] productivity. 140 countries are ranked. In the 2018 report, the United States ranks first in competitiveness with a score of 85.6. It’s followed by Singapore, Germany, Switzerland, and Japan. Iceland scored 74.5, just barely beating out Malaysia, closed out the top twenty-five at 74.4. Burundi (37.5), Angola, Haiti, Yemen, and Chad (35.5) were ranked the lowest in this year’s report.
Rankings were determined based on a variety of factors, or subcategories, in “pillar” areas such as “Enabling Environment,” “Human Capital,” “Markets,” and “Innovative Ecosystem.” Iceland’s highest ranking came in the subcategory of Macroeconomic Stability, where it achieved a perfect 100 and, as such, ranked #1. It also scored highly in ICT (Internet and Communication Technology) Adoption (Rank 7, Score 83), Skills (Rank 9, Score 83), and Health (Rank 10, Score 98). Its lowest rankings were in the subcategories of Market Size (Rank 131, Score 31), Product Market (Rank 43, Score 61), and Financial System (Rank 36, Score 69).
See the full rankings and country-by-country analysis here.