Finland remains the most competitive economy in the world and tops the rankings for the second consecutive year. The United States is in second position, followed by Sweden, Taiwan, Denmark and Norway, consecutively.

“The Nordic countries are characterized by excellent macroeconomic management overall – they are all running budget surpluses – they have extremely low levels of corruption, with their firms operating in a legal environment in which there is widespread respect for contracts and the rule of law, and their private sectors are on the forefront of technological innovation,” said Augusto Lopez-Claros, Chief Economist and Director of the World Economic Forum’s Global Competitiveness Programme, according to a press release.

The rankings are drawn from the results of the Executive Opinion Survey, a survey conducted by the World Economic Forum, which this year polled over 8,700 business leaders in 104 economies worldwide. The survey questionnaire is designed to capture a broad range of factors affecting an economy’s business environment that are key determinants of sustained economic growth.

More information: Global Economic Forum