In a ranking of 121 economies by the World Economic Forum (WEF), Sweden claimed the fifth spot, just behind Scandinavian neighbour Denmark, and one spot ahead of 6th ranked Canada.
The rankings are based on a number of factors, including market access, infrastructure, efficiency of import-export procedures, and the regulatory environment.
The ranking cited Sweden’s “world-class” infrastructure and its “very transparent and efficient” border administration procedures.
The WEF also praised Sweden for the country’s favourable business environment.
But the organization also found that Sweden had room for improvement when it came to the ease of hiring foreign workers and in removing obstructions making it easier for new entrants to access the market.
Singapore and Hong Kong took the top two spots in the WEF ranking, while the United States came in 16th place due primarily to concerns about violence and the threat of terrorism.
The Switzerland-based WEF is an independent international organization committed to contribute to knowledge and solutions to global problems by gathering together corporate leaders and politicians from around the world.