Russias competitiveness low-World Economic Forum.

By bne IntelliNews June 8, 2011
According to the report on competitiveness compiled by the World Economic Forum, Russias competitiveness is lacking behind that of other BRIC states (Brasil, India, China). The report measures competitiveness of economies based on an index composed of 12 elements (social institutes, infrastructure, macroeconomic environment, education and training, goods and services market effectiveness, development of financial markets, technology, size of the markets, competitiveness of companies and innovation potential). Russias index is ranked 63rd out of 139 countries surveyed, while indexs value (4.2) is lower than that of OECD (average of 4.9) and BRIC (average of 4.5). Reports notes declining competitiveness in Russia in the last years, faults of business environment not allowing for full utilization of main advantages: educated workforce, natural resources, sizeable market and favourable geographic position. World Economic Forum sees legal and institutional environment development, facilitating entrepreneurship and financial market stability, as well as, above all, complex measures in innovation policies, as prerequisites for improved competitiveness.

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