Iceland Drops Spot on Global Competitive Index

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Iceland Drops Spot on Global Competitive Index

Iceland dropped one spot on the Global Competitive Index, according to the latest report by the World Economic Forum.

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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.

ZR