Denmark is the 8th best country in the world for global business, concludes the influential Global Competitiveness Report 2011-2012 released by the World Economic Forum (WEF) today.
Denmark moves up one position from last year in the study, which compares over 142 economies worldwide and is based on a number of factors, ranging from the quality of a country’s road, its macroeconomic situation, to how easy it is to hire an engineer.
Denmark continues to receive first-rate assessment for its higher education and training system, which, according to the report, has provided the Danish workforce with the skills needed to reach high levels of technological adoption and innovation.
Praised for labor market flexibility and excellent infrastructure
The report praises Denmark for benefiting from one of the best-functioning and most transparent institutional frame works in the world, and an excellent infrastructure for transport as well as electricity and telephony. For instance, Denmark ranks number one when it comes to quality of the electricity supply.
Although Denmark shares similarities with the other Nordic countries, the country distinguished itself when it comes to labor market flexibility. Denmark has one of the most efficient labor markets internationally, with more flexibility in setting wages, firing, and hiring workers than in the other Nordics and in most countries more generally, says the report. Denmark ranks first when it comes to hiring and firing practices and redundancy costs.
It is far from the first time that Denmark gets excellent ratings on prestigious international ranking lists.
In both 2008 and 2009, Denmark ranked first on Forbes Magazine’s list of “Best Countries for Business” and came out on top once again in 2010.
According to Forbes, Denmark excelled by having a minimal level of corruption, strong personal freedom and favorable property rights.
In another recent report, the World Bank ranked Denmark as the second easiest place in Europe to do business in 2011. Denmark ranked number six in the world among 183 countries.
Read the full report from the World Economic Forum.