Latvia’s ranking of 44th in terms of global competitiveness remains unchanged from last year, according to a new report by the World Economic Forum.

The Global Competitiveness Report annually ranks a total of 117 countries based on a number of factors to determine how likely their economies are to grow in the coming years. The rankings included input from about 11,000 business leaders worldwide.

No. 1 Finland remained where it was in last year’s ranking, as did No. 2 United States and No. 3 Sweden. Another Nordic country, Denmark, nudged up to No. 4, switching places with Taiwan, which slipped to No. 5.

Estonia remained at No. 20, sandwiched between Qatar and Austria. Lithuania slipped seven spots to No. 43, one ahead of Latvia.

The latest report on global competitiveness was released Sept. 28.

Formed in 1971 and based in Switzerland, the World Economic Forum describes itself as “an independent international organization committed to improving the state of the world by engaging leaders in partnerships to shape global, regional and industry agendas.”