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Wednesday, November 17, 2004World Economic Forum . The Fins beat the US to hold on to their top place in this year's Global Competitiveness Report 2004-2005. The top two were followed by Sweden, Taiwan, Denmark and Norway consecutively. The Nordic countries are characterized by excellent macroeconomic management overall – they are all running budget surpluses – they have extremely low levels of corruption, with their firms operating in a legal environment in which there is widespread respect for contracts and the rule of law, and their private sectors are on the forefront of technological innovation," said our chief economist, Augusto Lopez-Claros.
See the competitiveness rankings in full, available here.
Some interesting facts:
1. The UK moved up four places to 11th spot.
2. Estonia put in a stellar performance, ranking 20th.
3. Italy has dropped from 26th place in 2001 to 47.
4. At number 22, Chile is the most competitive economy in Latin America.
5. China had a mixed performance and was ranked 46th.
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