Sweden and Singapore are the most competitive countries in the digital economy, according to a study by the World Economic Forum (WEF). Nordic and Asian economies are best at using information and communications technologies (ICT) to boost their growth, the WEF said.

Finland is in third place, Switzerland fourth and the United States fifth.The WEF said ICT was "a key enabler of a more economically, environmentally and socially sustainable world".

It said the use of information communications technology was especially important "in the aftermath of one of the most serious economic crises in decades".

The WEF report focuses on the power of ICT to transform society in the next decade through modernisation and innovation.

Other highly-placed Nordic countries include Denmark in seventh spot and Norway in ninth place, with Iceland ranked in 16th position. Meanwhile, led by Singapore in second place, the other Asian Tiger economies highly placed are Taiwan and South Korea in sixth and tenth position respectively, and Hong Kong following closely in 12th.