Denmark used to top the list of the world's most competitive countries. Last year it came in third place, and this year Denmark is moving down another place in the rankings. This is shown by this year's list from the Institute for Management Development, which annually examines which countries are the most competitive. Denmark is in fourth place this year. Switzerland tops the list, followed by Singapore and Hong Kong.
- Denmark can generally show a good diploma with many excellent grades, says Allan Sørensen, chief economist at the Confederation of Danish Industries.
- A few years ago we were the best in the class, but unfortunately we have to say that we need to improve our efforts if we are to get back to the top, adds the chief economist.
The Institute for Management Development has compared 69 countries on 262 indicators of global competitiveness. Denmark scores in the top 3 on 47 of many indicators.
Denmark also bad on several points
According to Allan Sørensen, we are good at a lot of things in Denmark, but there are also some areas where Denmark is failing.
- The time has come to focus on the areas where we have traditionally had a hard time. We almost always score bottom marks in taxes, working hours, costs and the ability to attract investments, says the Confederation of Danish Industries' chief economist.
Tax is the area where Denmark is doing the worst. Only France and Belgium require more taxes than Denmark, according to the Confederation of Danish Industry.
- The high taxes can be a strong contributing factor to the fact that we also rank very poorly in terms of our ability to attract investments from abroad, says Allan Sørensen.
- In the entire EU, only Germany, Italy and Greece have fewer inward investments than Denmark, he adds.
Sweden is number eight on this year's list, while Norway is number 12. In 2022 and 2023, Denmark was in first place on the list.
/ritzau/
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