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China at No. 49 on Global Competitiveness Chart
(Reuters)
Updated: 2005-09-29 09:07 "While the business communities in the Nordic countries point to high tax
rates as a potential problem area, there is no evidence that these are adversely
affecting the ability of these countries to compete effectively in world
markets, or to provide to their respective populations some of the highest
standards of living in the world," he said. "Indeed, the high levels of
government tax revenue have delivered world-class educational establishments, an
extensive safety net, and a highly motivated and skilled labor force."
Finland, home of mobile phone giant Nokia Corp., topped the study because of
its swiftness in adapting to new technology and the quality of its public
institutions, the report said.
The United States ranked second because it "demonstrates overall
technological supremacy, with a very powerful culture of innovation," the World
Economic Forum said.
But it suggested the United States might have been kept from the top spot
because of its low scores for contractual law and macroeconomic management.
"The country's greatest weakness concerns the health of its macroeconomic
environment, where it ranks a low 47th overall," the organization
found.
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