Looking for a specific product?

Make a search for products & suppliers, articles & news.

Norway 8th on World Competitiveness Rankings

IMD announced the findings of its annual World Competitiveness Yearbook (WCY) yesterday. The WCY rankings measure how well countries manage their economic and human resources to increase their prosperity. Norway climbed 5 spots this year, from being ranked as 13th in 2011 to being number 8 this year, and thereby passing countries such as Germany, Denmark, Luxembourg, Australia and Qatar.

The most competitive of the 59 ranked economies in 2012 are Hong Kong, the US and Switzerland (see overall rankings table below). Despite all its setbacks, the US remains at the center of world competitiveness because of its unique economic power, the dynamism of its enterprises and its capacity for innovation.

"US competitiveness has a deep impact on the rest of the world because it is uniquely interacting with every economy, advanced or emerging. No other nation can exercise such a strong "pull effect" on the world. Europe is burdened with austerity and fragmented political leadership and is hardly a credible substitute, while a South-South bloc of emerging markets is still a work in progress. In the end, if the US competes, the world succeeds!" said Professor Stephane Garelli, director of IMD's World Competitiveness Center.

The most competitive nations in Europe are Switzerland (3), Sweden (5) and Germany (9), which have export-oriented manufacturing and fiscal discipline. Meanwhile, Ireland (20), Iceland (26) and Italy (40) look better equipped to bounce back than Spain (39), Portugal (41) and Greece (58), which continue to scare investors.

Emerging economies are not yet immune to turmoil elsewhere. China (23), India (35) and Brazil (46) have all slipped in the rankings, while Russia (48) climbed only one place. All Asian economies have declined apart from Hong Kong (1), Malaysia (14) and Korea (22). Latin America also had a tough year, with every nation falling except Mexico (37).

Globalization and economic reform under threat
One-third of the 329 ranking criteria come from an exclusive IMD survey of more than 4,200 international executives, which reveals a growing skepticism in some of the 59 economies toward globalization and the need for economic reforms (see charts).

Globalization is still seen as a positive development in Ireland, Scandinavia, Chile, the UAE and many Asian economies. But attitudes are much more negative in Greece, Russia, most of Eastern Europe, a growing part of Latin America, and, last of all, in France.

Attitudes toward reforms are more positive in Ireland, emerging Asia, Qatar and the UAE, Switzerland and Sweden. But the impetus for reform is much weaker in Argentina, the Czech Republic, Spain, and lastly – again – in France, where austerity is seen as a cure worse than the disease.

"The recession has made the world economy more fragmented and diverse than ever, forcing companies to operate several parallel business models," said Professor Garelli. "Emerging economies are relying on domestic demand and national champion companies to insulate themselves from economic turmoil, while the "submerging" developed economies are turning to re-industrialization. In both cases, economic nationalism is back and protectionism is tempting."

 

WCY 2012 overall ranking

Related news

Latest news

World's fastest ROV? - Project ROST

Traditionally, all cleaning has been carried out from a workboat,

New regional manager takes the helm in key oil and gas markets for DNV GL

Elaborating on the differences in the energy markets which now lie under his new responsibilities in DNV GL,

DNV GL launches certification framework and recommended practice for Carbon Capture and Storage (CCS)

The recommended practice DNVGL-RP-F104 Design and operation of carbon dioxide pipelines, 

DNV GL launches new JDP to test biodegradable lubricants

The test programme will investigate such aspects as hydrodynamic oil film formation,

ROV contracts in Brazil

The new contracts and contract extensions give 1 630 days of ROV services...

Steinsvik Secures a Contract for its First Concrete Barge

Steinsvik’s well-known steel barge design is now complemented by a new and innovative concrete barge design.

Searching for the best biological solutions

AKVA group’s biologists play a key role to ensure that the company’s technology not only meets fish welfare requirements, but also provides the best possible conditions for the fish.

Elisabeth Maråk Støle appointed managing director of Forskningsselskapet SørVest AS

Elisabeth Maråk Støle will take up her position on 1 April 2018 at the latest.

TIME SCALE

We are building chambers for tomatoes to grow in space. The aim is to give food to astronauts going to Mars.