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

Industry's preferred pipeline standard gets update by DNV GL

A number of requirements related to linepipe fabrication,

Servogear Hybrid CPP for the World’s First Hybrid Catamarans in Commercial Traffic

Norled AS is one of Norway’s largest ferry and express boat operators. 

CMR is helping companies in Hordaland with research-based innovation

CMR has won a contract with Hordaland county council as competence broker. The contract is part of the Research-based Regional Innovation (FORREGION) scheme.

ISO to release final draft of ISO 45001 – Occupational Health & Safety

The ISO 45001 Final Draft International Standard (FDIS) is scheduled to be released for review on November 30. In case of a positive vote the standard is expected to be published in February 2018.

DNV GL helps reduce cost of compliance with innovative approach to independent verification of oil and gas assets

Verification surveys applying remote witnessing involve equipping a technician onsite with hardware (a camera or smartphone) and dedicated software which enable remote...

Renewables exports are increasing, but more rapid growth is required

Reorientation among oil and gas suppliers boosted international sales of renewable energy equipment and services by Norwegian companies, writes Ivar Slengesol, Director of Industry and Clean Technologies at Export Credit N...

The world’s most modern wellboat

The wellboat Ronia Diamond was characterised as the “most modern wellboat the world has seen” during her christening in Bergen on 23 September.

Joint industry collaboration to boost offshore and marine sector with Additive Manufacturing (3D printing), Drone and Digital Twin technologies

DNV GL, A*STAR’s Singapore Institute of Manufacturing Technology (SIMTech) and National Additive Manufacturing Innovation Cluster (NAMIC) ...

DNV GL line optimization brings ten per cent fuel savings for Hapag-Lloyd Cruises’ new expedition cruise vessels

“The design concept for the two new ships was ‘inspired by nature’,” says Dr. Henning Brauer,