For the second time in a row Sweden was placed as number 1 in a global networked readiness index, published by World Economic Forum and Insead.

The report highlights the role of information and communications technology power in economic and social growth and competitiveness.

"Sweden offers one of the best climates for technological adoption and innovation", the Global Information Technology Report.

Sweden's penetration of new technologies is among the densest in the world, with over 90 percent of the population using the Internet on a regular basis.

"In Sweden more than anywhere else, ICT improves access to basic services and gives rise to new organizational models as well as new business models, products, and services", it said.

Singapore came in at number two, followed by Finland and Switzerland.