News

Finland remains the most competitive economy in the world and tops the rankings for the third consecutive year in The Global Competitiveness Report 2005-2006, released by the World Economic Forum. The US is in second position, followed by Sweden, Denmark, Taiwan and Singapore, respectively.

Finland is number one in the Growth Competitiveness Index (GCI) rankings and holds this position for the fourth time in the last five years. The country is very well managed at the macroeconomic level, but it also scores very high in those measures that assess the quality of its public institutions. Furthermore, the private sector shows a high proclivity for adopting new technologies and nurturing a culture of innovation, according to WEF.

The Nordic countries continue to hold prominent positions in the rankings among the top 10 most competitive economies this year, with Finland (1), Sweden (3), Denmark (4), Iceland (7) and Norway (9) all in privileged places. The stellar performance of these countries demonstrates the great diversity within Europe, with some countries doing very well by any measure, while others struggle behind. The Nordics are also challenging the conventional wisdom that high taxes and large safety nets undermine competitiveness, suggesting that what is important is how well government revenues are spent, rather than the overall tax burden per se.

A FAT budget surplus, innovative companies and "world-class" public institutions have bumped Australia up four places to hit the top 10.

www.weforum.org

UPCOMING EVENTS

The Finland Australia Chamber of Commerce organises various functions throughout the year both for members and non-members.