Competitiveness of Scandinavian Countries in World Market

The aim of the thesis is to analyse the competitiveness of the Scandinavian countries in the world market. It also provides an explanation of the indicators of competitiveness like the Global Competitiveness Index (GCI) and the EU Regional Competitiveness Index (RCI). The competitiveness of Denmark, Sweden and Norway has been analysed using the ranking given in the Global Competitiveness report by the World Economic Forum. A regression model is developed to determine which pillars and factors of competitiveness explain and strongly influence the volatility of the GCI value for the countries. The thesis also tries to explain the challenges/issues that these countries have to face. The main finding of the thesis is that the Scandinavian countries are able to provide a high standard of living for its people by providing them with the best education and healthcare to live. They also have a stable macroeconomic environment and institutions that are free from corruption and work efficiently. Moreover, the countries are able to adapt to new technologies and encourage innovation and improve business networks. Sweden is the better performing country compared to Denmark and Norway in terms of competitiveness in the world market.