(Bloomberg) -- Denmark has overtaken Switzerland as the world’s most competitive economy after the Nordic country outperformed peers during the pandemic.

Denmark rose from third place last year to take 2022’s top spot for the first time in the 34 years that the IMD Business School has published its World Competitiveness Ranking, according to a statement on Wednesday.

“Denmark is the most digitally advanced country in the world and now takes the top spot thanks to good policies, advantages afforded by being a European country, a clear focus on sustainability and a push from its agile corporate sector,” Arturo Bris, a professor at the Lausanne, Switzerland-based  IMD, said in the statement.

Along with the other Nordic nations, the Danish economy fared better through lockdowns than most of its wealthy peers, helped by strong social safety networks, low debt levels and digital progress, as well as lower dependency on tourism. Denmark’s unemployment is at its lowest level in 14 years and gross domestic product will likely expand 3.4% this year, according to the most recent government forecast.


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