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Denmark in top ten on world competitiveness list

Denmark has one of the world’s ten most competitive economies in 2018, according to an index compiled by the World Economic Forum (WEF).

Denmark in top ten on world competitiveness list
File photo: Anne Bæk/Ritzau Scanpix

Denmark is 10th in the ranking, above Nordic neighbours Finland and Norway and just behind Sweden on the Global Competitiveness Report 2018. The three top nations for competitiveness are the United States, Singapore and Germany.

The index measures 98 indicators in 140 countries. Economies are divided into 12 ‘pillars’ or drivers of productivity in order to determine how close the economy is to the ideal state or ‘frontier’ of competitiveness, WEF writes on its website.

“We are in the fourth industrial revolution, where winning economies have good, green innovations systems, economic stability and flexible labour markets. That‘s why Denmark is in the top ten,” Stig Yding Sørensen, senior specialist with Teknologisk Institut, WEF’s Danish partner organisation, told Ritzau.

WEF’s assessment means that it finds Denmark’s economy to be well-equipped to thrive in current global economic conditions.

But Denmark was found lagging on one of the parameters used to compile the index: the international reputation of its universities.

“That’s where we are in 30th place. We don’t have a Stanford or an Oxford. So if we could do more to attract internationally-recognised researchers to Denmark, that would improve our reputation,” Sørensen said.

The WEF report is based on 12,000 survey interviews with business leaders around the world, as well as national data on aspects ranging from working hours to number of patents.

Aarhus University economics professor Christian Bjørnskov said that the report is normally used by a small, but powerful sector.

“It is typically used by administrators and a number of special interests, including politicians, as a kind of catalogue of ideas. The advice in the report is not necessarily followed, but can be used for inspiration,” Bjørnskov told Ritzau.

WEF has produced the report annually since 1979.

READ ALSO: Denmark moves up on list of world's most competitive business nations

BUSINESS

Denmark’s toy giant Lego offers staff bonus after bumper year

Danish toymaker Lego, the world's largest toymaker, Denmark's Lego, said on Tuesday it will offer its 20,000 employees three extra days of holiday and a special bonus after a year of bumper revenues.

Lego is rewarding staff with a Christmas bonus and extra holiday after a strong 2022.
Lego is rewarding staff with a Christmas bonus and extra holiday after a strong 2022. File photo: Ida Guldbæk Arentsen/Ritzau Scanpix

Already popular globally, Lego has seen demand for its signature plastic bricks soar during the pandemic alongside its rapid expansion in China.

“The owner family wishes to… thank all colleagues with an extra three days off at the end of 2021,” the company said in a statement.

The unlisted family group reported a net profit of more than 6.3 billion Danish kroner (847 million euros) for the first half of 2021.

Revenues shot up 46 percent to 23 billion kroner in the same period.

It had been “an extraordinary year for the Lego Group and our colleagues have worked incredibly hard,” said the statement, which added that an unspecified special bonus would be paid to staff in April 2022.

Lego, a contraction of the Danish for “play well” (leg godt), was founded in 1932 by Kirk Kristiansen, whose family still controls the group which employs about 20,400 people in 40 countries.

READ ALSO: Lego profits tower to new heights as stores reopen

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