The level of competitiveness within Iceland’s market has dropped in
recent years, according to a new report by the World Economic Forum (WEF).
Iceland is now 26th in the world for domestic competition – the number of choices available between different comparable companies within a specific market – down from 20th place only last year. In first place is Switzerland, overtaking the US for the first time, which is now in second place.
The WEF polls 133 countries in all, measuring the levels of economic freedom and competition within each one. Iceland’s dramatic slip is attributed in the report to a lack of economic stability, as well as poor development of the domestic market.
The report does, however, cast a positive light upon Iceland’s education system and level of development, and said that the flexibility of Iceland’s market helps to improve the stability of the economy.