Finland’s ranking in the international competitiveness comparison by the Swiss IMD Institute has dropped four places to 15th, according to a report by the Research Institute for Business Etla. This decline can be attributed to weak economic success, with Finland falling to 50th place in this category. Despite some improvement in international trade, Finland’s ranking in 18 out of 19 areas of comparison weakened compared to the previous year.
Singapore, Switzerland, and Denmark lead the comparison, while Sweden ranked sixth and Norway tenth. This downward trend in Finland’s ranking is concerning, as it marks a total decrease of seven places in just two years. Ville Kaitila, a researcher at Etla, notes that while rankings may fluctuate from year to year, this significant decline is a negative trend in the history of the index.
In the IMD comparison, Finland’s ranking is affected by factors such as economic success, public administration efficiency, business performance, and infrastructure. The country’s weaker economic situation in the past year, including slow GDP growth and high unemployment rates, has contributed to its lower ranking. However, it is expected that as economic conditions improve and external factors stabilize, Finland’s competitiveness may strengthen in the coming years.
Overall, the IMD competitiveness index aims to measure how countries and companies utilize their abilities to achieve wealth or profits. While Finland’s ranking may have dropped recently, there is potential for improvement as the economy recovers and external pressures subside.