Russia down to 66th place in WEF competitiveness index.

By bne IntelliNews September 8, 2011
Russia took the 66th place in the competitiveness index of the World Economic Forum. This makes a decline since the financial crisis, when Russia was 3 ranks higher in the index. Russias results are also the worst out of other BRIC countries (Brazil, Russia, India and China), with China taking the 23rd place, Brazil 53rd, and India 56th. Russias decline in the ratings reflect the worsening of the institutes (128th place, down 10 ranks), low effectiveness of the labour markets (65th place, down 8), and difficulty of making business (114th place, down 13) outweighing macroeconomic stability, WEF stressed. Russias financial market development was also low (127th place), with mediocre technological development and innovation (68th place and 71th place, respectively). Macroeconomic stability was the only indicator improving sharply, up 35 ranks to 44th place. Also infrastructure (48th) and education (52th) showed more satisfactory rankings. WEF recommends to strengthen the rule of law, property rights protection, and judicial system, as well as to improve the security level across the country, in order to develop competitiveness.

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