According to the Global Competitiveness Report and the annual assessment of the economic environment and its ability to achieve sustained economic growth, Romania ranks 53, up six positions from last year. The report is done by the World Economic Forum (WEF) and contains a ranking of the most competitive 140 countries worldwide, based on criteria such as institutions and government policies and labour market efficiency and financial markets.
Among the top 140 countries in the world, Romania managed to overtake countries like Hungary, Bulgaria and Slovenia. The survey was conducted by interviewing 120 executives of companies operating in Romania.
The overall score obtained by Romania is 4.32 points (slightly up from last year’s 4.30 points) on a scale of one to seven. Romania is preceded by countries like the Czech Republic (31), Poland (41st), Russia (45) and Turkey (51).
Romania has low scores on indicators of business development (ranking 88 in the world), institutions and infrastructure (both ranking 86 globally). Instead, our country ranks best at macroeconomic environment, reaching 34th place in the world, and market size, 43rd.
Among the most competitive countries in the world, Switzerland has maintained its leading position worldwide for the sixth consecutive year (with a score of 5.8 points), followed by Singapore, the US, Germany, Netherlands, Japan, Hong Kong Finland, Sweden and the UK. At the bottom of the ranking can be found Mauritania (138th with 3 points), Chad (139) and Guinea (140 place with 2.8 points).
Overall, the annual report published by the WEF argues that countries around the world suffer from the slowdown in productivity affecting economic expansion. WEF stresses that the growth of the world economy does not seem to return to levels it was at before the global financial crisis of 2007-2008. In addition, uncertainties related to the slowdown in emerging economies, especially China, could alter the trajectory of global growth.
WEF is an international non-profit organization with headquarters in Geneva, with over 1,000 members which are leaders of the largest corporations in the world, presenting turnovers of over USD five billion.
Natalia Martian
Join us at Foreign Investors Summit and find out more about Romania’s Competitiveness in SEE and the EU.
Leave A Comment