Ukraine climbs nine spots in global competitiveness ranking

KYIV, September 5 /UKRINFORM/. An analytical group of the World Economic Forum (WEF) has published a global competitiveness ranking for 2012-2013, with Ukraine climbing nine spots and taking 73rd position.

This is stipulated in a WEF report published on the website of the organization.

"Following a protracted economic crisis, Ukraine bounces back to 73rd position in this year's GCI [Global Competitiveness Index]," reads the report.

According to WEF experts, the country's competitiveness in 2012-2013 benefits notably from a healthier macroeconomic environment than in previous years. "The budget deficit was cut to 2.7 percent of GDP in 2011, the debt-to-GDP ratio fell somewhat, and inflation was reduced, although it still remains fairly high at almost 8 percent," reads the report.

Experts also said that Ukraine maintains its competitive strengths; these result from its large market size (38th) and a solid educational system that provides easy access to all levels of education (ranked 47th on higher education and training and 54th on primary education). According to WEF experts, the "good educational outcomes provide a basis for further developing the innovation capacity of the country (71st)."

"Putting economic growth on a more stable footing in future will require Ukraine to address important challenges. Arguably, the country's most important challenge is the needed overhaul of its institutional framework, which cannot be relied on because it suffers from red tape, lack of transparency, and favoritism. Ukraine could realize further efficiency gains from instilling more competition into the goods and services markets (117th) and continuing the reform of the financial and banking sector (114th)," reads the report.

Ukraine is preceded by Montenegro (72nd) and Slovakia (71st) and followed by Uruguay (74th) and Vietnam (75th) in the table.

This year's report findings show that Switzerland tops the overall rankings in the Global Competitiveness Report for the fourth consecutive year. Singapore remains in second position with Finland, in third position, overtaking Sweden (4th). These and other Northern and Western European countries dominate the top 10 with the Netherlands, Germany and United Kingdom respectively ranked 5th, 6th and 8th. The United States (7th), Hong Kong (9th) and Japan (10th) complete the top 10.

Defining competitiveness as the set of institutions, policies and factors that determine the level of productivity of a country, GCI scores are calculated by drawing together public and private data around 12 key categories - the pillars of competitiveness - that together make up a comprehensive picture of a country's competitiveness.

The Global Competitiveness Report 2012-2013 assesses the competitiveness landscape of 144 economies, providing insight into the drivers of their productivity and prosperity. The Report series remains the most comprehensive assessment of national competitiveness worldwide.