Denmark has dropped from 5th to 13th place on the world’s competitiveness ranking in the past year according to the IMD World Competitiveness Survey.
The survey, which listed Denmark in fifth place in 2009, shows countries such as Taiwan, Norway and Malaysia jumping ahead of Denmark to push it out of the Top-10 and into 13th place.
“We know that Denmark has been relatively hard hit by the crisis, so it’s not so surprising,” says Copenhagen Business School Economy Professor Jan Rose Skaksen.
He says that Denmark’s relegation is the result of low growth and high unemployment.
“In competitiveness Denmark has a problem. We are in an untenable situation with low productivity and high wage rises,” he says.
The IMD survey is carried out by the International Management Development (IMD) business school in Switzerland.