The UK, France and Germany are all falling down the league of the world’s most competitive economies, but Scandinavia remains in the driving seat.

Every year The World Economic Forum publishes its list of the world’s most competitive countries. It says that 11,000 business leaders are interviewed, and a raft of factors are taken into account, and “particular attention is placed on elements of the macroeconomic environment, the quality of public institutions which underpin the development process, and the level of technological readiness and innovation.”

And for the second year in succession Finland tops the chart. The US remains firmly in the number two slot, with Sweden completing the top three. Just off the podium is Denmark, and in fifth and sixth place are Taiwan and Singapore. The Scandinavian domination is completed with Iceland, next on the chart.

The UK has slipped two places to 13th, Germany has fallen from 13th to 15th and France from 27th to 30th.

Of the G7 economies, Italy is bottom of the pile in a lowly 47th, just ahead of China and India.

© Investment & Business News 2013