Finland has world most competitive economy

[ESPNSTI]

I just thought this was interesting:

Finland has world most competitive economy


GENEVA, Switzerland, Sep 28, 2005 (UPI via COMTEX) -- Finland has the world's
most competitive economy, followed by the United States, Sweden and then
Denmark, a private group says.

The World Economic Forum said Wednesday in its annual ranking of world economies
that Finland topped its growth competitiveness ranking 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,"
said the WEF. "Furthermore, the private sector shows a high proclivity for
adopting new technologies and nurturing a culture of innovation."

The United States finished behind Finland because of its No. 20 ranking for the
"contracts and law" indicator used in the forum's calculations.

There were "particular concerns on the part of the (U.S.) business community
about the government's ability to maintain arms' length relationships with the
private sector," the WEF said.

[pdanev]

Interesting indeed, espn do you have a more indepth link for this?

[Ultra_Kool_Dude]

I've come across an interesting article too that I may as well add.

There are now nearly 9 million millionaires in the US:

http://news.yahoo.com/s/ft/20050928/...20050059491081

[ESPNSTI]

Originally Posted by pdanev

Interesting indeed, espn do you have a more indepth link for this?

Sadly, no I don't

Originally Posted by Ultra_Kool_Dude

I've come across an interesting article too that I may as well add.

There are now nearly 9 million millionaires in the US:

http://news.yahoo.com/s/ft/20050928/...20050059491081

One of these days... I'll be on that list.

[mmap]

Yeyyy! Good us!

Having said that, there are loads of articles in local papers saying that this study doesn't really know what it measures... How DO you define competitiveness??

[pdanev]

Thats why I asked if there's some more indepth article about this. I'm curious how the study was conducted, what exactely and how it measures.

Finland, the most competitive economy
Joe Brady/Virtual Finland

©UPM-Kymmene

The control room at the UPM-KYmmene's Seikku sawmill.

Finland's performances in the two surveys of competitiveness conducted by the Geneva-based World Economic Forum (WEF), and published in late October, are evidently becoming a habit - albeit a benign one.

The survey of growth competitiveness published at the end of October was the second in succession that ranked Finland as the world's best economy ahead of the United States, Sweden, Denmark and Taiwan.

And in the WEF's survey of business competitiveness, Finland was also placed in first position this year, having come second in 2002.

The first of the two surveys conducted among business leaders assessed economic competitiveness on the grounds of a country's technology, the quality of its public institutions and its macro-economy, meaning factors such as national income, consumption and investment.

In its survey of business competitiveness Finland took the highest position after coming second to the United States in 2002. The mere fact that Finland is the homeland of Nokia, the world's leader in development and sales of mobile phones, says something significant about Finnish business acumen.

Following publication of the surveys, the WEF's chief economist, Augusto Lopez-Claro, said, "If there is one lesson from our exercise it is that the strength and coherence of government policies have an enormous bearing on a country's ranking."

In that context it is worth noting that Finland is admirably stable politically and its educational system at all levels has been the object of international praise in recent years.

The WEF surveys covered 102 countries whose performances were measured on the basis of statistical data plus statements from business leaders.

Some observers see a weakness in that procedure. For example, two researchers at the respected Research Institute of the Finnish Economy, quoted in the Finnish press, pointed out that while Finland is undoubtedly among the most competitive countries in the world, on the basis of statistical evidence alone it would not be so well placed. In their opinion, Finland's ranking is enhanced by the personal views of directors in big companies.

edit: the answer might be here

[Dr. Woo]

There were "particular concerns on the part of the (U.S.) business community
about the government's ability to maintain arms' length relationships with the
private sector," the WEF said.

So are they saying that keeping distance from the private sector is a good thing, or that it's a bad thing? This is very vague.

I do tend to think that U.S. protectionism of American industries and economy control is too great and should be MASSIVELY scaled back. I hope that is what they mean, as economists. If not, then this entire thing is worthless.

According to the Cato Institute's annual "Economic Freedom of the World" report, Finland placed 17th out of 127 countries in the study.

This year’s report notes that economic freedom remains on the rise. The average economic freedom score rose from 5.2 (out of 10) in 1985 to 6.4 in the most recent year for which data are available. In this year’s index, Hong Kong retains the highest rating for economic freedom, 8.7 of 10, closely followed by Singapore at 8.5. New Zealand, Switzerland, and the United States tied for third with ratings of 8.2. The United Kingdom, Canada, and Ireland ranked 6th, 7th, and 8th, respectively. Australia, Estonia, Luxembourg, and the United Arab Emirates tied for 9th.

Economic Freedom of the World measures the degree to which the policies and institutions of countries are supportive of economic freedom. The cornerstones of economic freedom are personal choice, voluntary exchange, freedom to compete, and security of privately owned property. The first Economic Freedom of the World Report, published in 1996, was the result of a decade of research by a team which included several Nobel Laureates and over 60 other leading scholars in a broad range of fields, from economics to political science, and from law to philosophy. This is the 9th edition of Economic Freedom of the World and this year’s publication ranks 127 nations for 2003, the most recent year for which data are available.

[Renesis]

Originally Posted by ESPNSTI

Sadly, no I don't

One of these days... I'll be on that list.

Well pretty much everyone will be millionnaire at some point in their life..

it's staying millionaire which is hard..

[haha604]

^ You live in another world???

[Ultra_Kool_Dude]

Originally Posted by haha604

^ You live in another world???

Don't they say the first million is the hardest?

[pdanev]

Yes they do, and usually the 1st million is quite often acquired in mysterious ways.

[Jail80]

We rule!

For example, two researchers at the respected Research Institute of the Finnish Economy, quoted in the Finnish press, pointed out that while Finland is undoubtedly among the most competitive countries in the world, on the basis of statistical evidence alone it would not be so well placed. In their opinion, Finland's ranking is enhanced by the personal views of directors in big companies.

That's true.. Is there mentioned if these views from directors are from companies working/based in Finland or from companies outside Finland but still doing some business here (Business opportunities etc...)?

[haha604]

Nokia changed my view of Finland. Still, I am quite surpised by this study. The title of the most competitive economy usually goes to a big superpower like the US or places with low tax rates, such as Hong Kong or Singapore.