Slovakia climbs one place in 2012 world competitiveness rankings.

By bne IntelliNews May 31, 2012
Slovakia climbed one place in the 2012 world competitiveness rankings of the Swiss Institute for Management Development (IMD) to take the 47th place out of 59 countries included in the survey. IMDs annual World Competitiveness Yearbook (WCY) rankings measure how well countries manage their economic and human resources to increase their prosperity. Compared to its neighbours in central Europe, Slovakia lags behind the Czech Republic, which ranked 33rd, Poland on the 34th place and Hungary on 45th. Slovakia plunged from 33rd place in the 2009 competitiveness rankings to 49th in 2010, as its export-oriented economy was hit by the global economic crisis. The improvement in Slovakia's competitiveness this year is relative, however, according to head of the F.A. Hayek Foundation Matus Posvanc, quoted by TASR news agency. Posvanc explained that in absolute terms, measured by main economic indicators, Slovakia's competitiveness has worsened, but the country did better in the rankings as the competitiveness of other countries, mainly in Eastern Europe, deteriorated more. The major challenges for Slovakia include reforms of the judiciary, more efficient fight with corruption, reforms in the social system, healthcare and public expenditures and improvement in job market flexibility. The most competitive of the 59 ranked economies in 2012 are Hong Kong, the USA and Switzerland. The most competitive nations in Europe are Switzerland (3), Sweden (5) and Germany (9), which have export-oriented manufacturing and fiscal discipline.

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