Iceland ranks eighth in the world for economic competitiveness. Last year the country was twelfth, according to Global Competitiveness Report 2003-2004, published by the World Economic Forum. The Report provides a reliable, thorough evaluation of the comparative strengths and weaknesses of 102 countries and ranks them accordingly. Finland now comes in first, the USA second and Sweden third. All the Nordic countries belong among the top ten.

According to the Report, Iceland shows excellent performance in information and communication technology (ICT) and in the quality of public institutions. Improved economic conditions are the main reasons for Iceland’s rise in competitiveness. On the other hand, Iceland is less competitive in innovation. 

Taiwan and Singapore perform best among Asia’s countries, ranking fifth and sixth respectively. In Latin America, Chile is the highest-ranking economy, at 28th. Botswana is Africa’s best performing country, placing 36th.