FX.co ★ Top 10 rapidly developing countries, open to innovation

USA

The palm of victory goes to the United States, which, according to experts, is the world's first economy in terms of nominal GDP. Wealthy Americans own about 40% of total global wealth. The United States holds the leading position in the world in terms of social and economic indicators, such as average wages, per capita GDP, and labor productivity. The American economy is characterized by a predominance of the service sector and the knowledge-based economy, while the country's manufacturing sector is the second largest in the world.

Germany

Germany ranks second among the countries with positive dynamics of business development. As a world leader in many industrial and technological sectors of the economy, Germany is considered to be the third largest exporter and importer of goods in the world. The country supports social security, a universal health care system, free higher education, and environmental protection.

Netherlands

The third place is occupied by the Netherlands, where the service sector accounts for 73% of GDP, industry and construction - 24.5%, and agriculture - 2.5%. The financial sector is well developed in the country; it also has high indicators on transport and communications, education and international tourism. Research and development (R&D) predominates in the scientific industry.

Sweden

The fourth position in this ranking is taken by Sweden. The country has 50 global companies, including ABB, Oriflame, Saab Automobile AB, Scania, Volvo, Ericsson, TELE2, AB Electrolux, TetraPak, H&M, and others. Sweden ranks first in the production of bearings. There is a high level of innovation in the country; infrastructure is constantly being upgraded; and the staff is well-trained. In Sweden, almost 60% of GDP comes from taxes, that is considered to be the highest value in the OECD.

Israel

The fifth position among the countries where innovation and business are well developed, goes to Israel. The country is regarded as one of the highly developed in South-West Asia. Experts call it the second country in the world in terms of the number of created business companies. Israel has the largest representation in the NASDAQ company list outside the United States. This year, it has been the only Middle Eastern state listed on the NASDAQ.

Denmark

Denmark ranks sixth among the countries with positive dynamics of business development. According to experts, the share of industry in national income exceeds 40%. Denmark takes the first position in terms of the foreign trade turnover per capita. The leading industries in the country are metalworking, mechanical engineering, as well as food, chemical, pulp and paper, and textile industries.

Great Britain

Great Britain occupies the seventh line in the list. The key sector of the country's economy is services, which contributes about 75% of GDP. London, along with New York, plays important role in driving the world economy. The banking sector is also well developed. Liberal regulation turns the City of London into a global center for laundering criminal proceeds. Another large European financial center, according to analysts, is Edinburgh.

Finland

The eighth position among the countries where innovation and business are highly developed, goes to Finland. The country belongs to the number of small highly industrialized countries, whose share in world output does not exceed 0.4%, and that in global trade - 0.8%. The competitiveness of Finland is ensured by such factors as a high rate of take-up of innovations, a high level of education, and a favorable business environment.

Norway

Norway, one of the largest oil and gas producers in Northern Europe, is in the ninth place. The bulk of oil is exported; and the country’s energy needs are provided by advanced hydropower. The oil funds of Norway serve for the development of future generations. There is a low level of inflation (3%) and unemployment (3%) in the country compared to other European countries.

Ireland

Ireland closes the top ten countries with a high level of innivative performance and a favorable business climate. Industry, which has replaced agriculture, is well developed here. Ireland’s industrial sector accounts for 46% of GDP, about 80% of exports, and 29% of the labor force. Export and investment attractiveness are considered to be catalysts for the country's economic growth.