The decline of Canada’s competitiveness in the world has steepened over the last year, dropping to 16th place from eighth in an international survey of more than 100 countries.

The World Economic Forum, a Geneva-based think-tank, says in its latest global competitiveness report that Canada’s fall in ranking was mainly due to a perceived decline in the quality of its public institutions. The full report is to be released in Washington on Friday.

A news release on the annual report said the Finland has overtaken the United States as the most competitive economy in the world “due to a good all-round performance.”

The United States, which now ranks second, still holds “a commanding position in the technology area, but this is offset by some weakening in the quality of its public institutions and macroeconomic environment, particularly public finances.”

Just behind the United States are Sweden, Denmark and Taiwan, respectively, in the top five rankings.

The World Economic Forum says its rankings are based on a survey of more than 100 countries on key factors that contribute to sustained economic growth. These include the macroeconomic environment, quality of their institutions and the state of the country’s technology and infrastructure.