Measuring the power of Networks

• Finland leads world in embracing information technology according to index
• Business-friendly environment, top education system key to success

Finland has toppled Sweden from the top spot in a ranking of economies that are best placed to benefit from new information and communication technologies (ICTs). Singapore came in second and Sweden third in the 2013 Networked Readiness Index, compiled by the World Economic Forum for its Global Information Technology Report.
The Forum's report also shows that digitization has a measurable effect on economic growth and job creation. In emerging markets, a comprehensive digital boost could help lift over half a billion people out of poverty over the next decade. New technologies have already transformed sectors from healthcare to farming, case studies in the report show.
The Networked Readiness Index, calculated by the World Economic Forum, and INSEAD, ranks 144 economies based on their capacity to exploit the opportunities offered by the digital age. This capacity is determined by the quality of the regulatory, business and innovation environments, the degree of preparedness, the actual usage of ICTs, as well as the societal and economic impacts of ICTs. The assessment is based on a broad range of indicators from Internet access and adult literacy to mobile phone subscriptions and the availability of venture capital. In addition, indicators such as patent applications and e-government services gauge the social and economic impact of digitization.
The Nordic countries and the so-called Asian Tigers – Singapore; Taiwan (China); South Korea; and Hong Kong SAR – dominate this year's index thanks to their business-friendly approach, highly skilled populations and investments in infrastructure, among other strengths. Finland, which arguably has one of the best educational systems in the world, stands out as a digital innovation hub. It boasts the world’s highest number of patent applications per capita in the domain of ICTs), which are ubiquitous in Finland. Ninety per cent of Finnish households have Internet access, compared to about 70% in the United States and 85% in the United Kingdom.
Among the top 10, the United Kingdom posts the biggest rank improvement to 7th place, above the United States, which slips to 9th place despite a performance essentially unchanged from the previous year.
The BRICS economies, led by Russia (55th) continue to lag behind in the rankings. The report suggests that their rapid economic growth may be in jeopardy unless the right investments are made in ICT, skills and innovation. Down seven, China ranks 58th, followed by Brazil (60th), India (68th), and South Africa (70th).



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