Denmark has necessary preconditions to bounce back from COVID-19 pandemic: report

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COPENHAGEN, Dec. 16 (Xinhua) -- A report released by the World Economic Forum (WEF) on Wednesday said Denmark has the necessary preconditions to weather the current COVID-19 crisis.

According to the WEF Global Competitiveness Report, Denmark has the capability to emerge on the other side of the current pandemic and transform its economy into one that both sustains growth and incorporates environmental and human development.

In the report, which made a direct comparison with 37 of the 143 countries assessed, Denmark took the first place in which labor market legislation is ready and in place to meet the labor market of the future.

It also came second in the world ranking for its preparedness to upgrade its own infrastructure and to accelerate energy conversion.

However, in areas of research and development, necessary new technologies and creating and placing oneself in tomorrow's market, Denmark was surpassed by countries such as the United States, China, Finland, Sweden and Japan.

"It shakes our self-understanding as an innovative country a bit," said Juan Farre, president and CEO of the Danish Technological Institute, the WEF's Danish partner.

"When we compare Denmark's preconditions for getting stronger through the coronavirus crisis with many of the world's other economies, there is great optimism to be gained. But at the same time, there is still room for improvement," Farre said.

The annual assessments of the WEF Global Competitiveness Report are based on 64 measurement points divided into 11 different indicators, including taxes, infrastructure, labor market, education, investments and institutions, as an expression of a country's readiness for economic transformation.

This year's inventory is based on comprehensive register data as well as 11,866 interviews with business leaders. Enditem

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