Russia Has Risen in the World Competitiveness Ranking
OREANDA-NEWS The WEF raised Russia by two lines in its ranking of global competitiveness. The rating compilers note the stabilization of macroeconomic indicators, but state the poor quality of institutions.
Russia ranked 43rd in the global competitiveness Index (Global competitiveness Index), adding two points compared to last year. The report was published (.pdf) on the world economic forum (WEF) website.
"The best performance in Eurasia in Russia, which ranks 43rd in the overall ranking with a score of 65.6 points out of 100 possible," - said in the report. The authors of the rating assign a key role in the improvement of indicators to the stabilization of macroeconomic conditions.
"In 2018, the country is growing by 1.7%, which is the highest figure in the last five years," experts say. "If in 2014-2016 inflation reached double-digit values, and the economy was in recession, now inflation is slightly higher than 5.4%, and the national debt remains low (17.7%)," the report says.
Besides macroeconomic stability (55th place in the world), the rating compilers also attributed the size of the domestic market (6th place) and the penetration of IT and modern communications (25th place) to the strengths. The weaknesses include the quality of institutions (72nd place), the development of the financial market (86th place) and the health of the population (100th place).
Russia takes this year in the ranking of competitiveness position between Latvia and Cyprus. From the EU, it bypassed Cyprus (44), Hungary (48), Bulgaria (51), Romania (52), Greece (57) and Croatia (68). Of the former Soviet republics, only Estonia (32), Lithuania (40) and Latvia (42) ranked higher. Among the BRICS countries, China is higher than others in the rating table (28).
The global competitiveness index is based on 12 indicators. These are macroeconomic stability, consumer market, labor market, financial system, internal market size, quality of institutions, state of infrastructure, level of penetration of IT and modern communications, public health, education and skills, dynamics of business development, ability to innovate.