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Denmark ranked seventh most competitive nation in the world

Denmark comes in seventh in IMD’s annual ranking of the world’s most competitive nations - ahead of countries such as Sweden and Norway.
In 2017, Denmark dropped one spot - from sixth to seventh - on the list of the world’s most competitive nations.

Publiceret: 08.06.2017
Af Peter G. H. Madsen mail

Hong Kong and Switzerland are the world’s most competitive nations, while Denmark ranks seventh in the ”World Competitiveness Yearbook 2017”, published by the International Institute for Management Development (IMD).  

Denmark’s placement at number seven is a drop of one spot compared to last year.

The country is, however, ahead of many of the countries it often compares itself to, including Sweden (9), Norway (11), Germany (13) and Finland (15). 

“In Denmark, we are doing a number of things right, which ensures us an impressive position in the top ten. We must therefore make sure to safeguard our strengths. If we want to make it to the top and become even more competitive, some legwork is required. Our high expenses and strained labour market are central areas in need of improvement,” says Senior Analyst at the Confederation of Danish Industry, Allan Sørensen.

See also: Denmark among the most inventive countries in the world

Important to obtain qualified workers

IMD’s report points to public security, equal opportunity and the absence of corruption as being among Denmark’s strengths, while the country’s high wages, taxes, low working hours and a lacking capacity to attract workers from abroad are among its weaknesses.

“To fulfil the growth potential that our many strengths ought to give rise to, we must ensure that Danish companies can obtain the qualified workers they require. Meanwhile, we must reduce the expenses that inhibit investment in more efficient production equipment and digitalisation,” says Allan Sørensen.

And there is indeed good reason to take action on the digital side.

Denmark is in the lead when it comes to digital transformation, and the country is ranked fifth overall among countries with the best digital competitiveness.

“Denmark is well-equipped to embrace digital opportunities. But digital development goes quickly and several other countries are moving fast. We need to increase investment in our digital infrastructure if Denmark is to remain among the leading technological countries,” says DI’s senior analyst.

FACTS
The world’s top 10 most competitive nations

1. Hong Kong
2. Switzerland
3. Singapore
4. USA
5. Netherlands
6. Ireland
7. Denmark
8. Luxembourg
9. Sweden
10. United Arab Emirates

If we want to make it to the top and become even more competitive, some legwork is required. Our high expenses and strained labour market are central areas in need of improvement.
SENIOR ANALYST ALLAN SØRENSEN, DI
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PUBLISHED: 6/8/2017 LAST MODIFIED: 6/8/2017