Slovenia ranked 35th out of 140 countries in the Global Competitiveness Report 2018 compiled by the World Economic Forum, its position pushed higher by its No. 1 ranking in the macroeconomic stability component of the index.
Last year, Slovenia also ranked 35th of 135 countries covered by the report. WEO’s 2018 report uses a brand new methodology to present the competitiveness landscape of 140 economies through 98 indicators organised into 12 pillars. For each indicator, using a scale from 0 to 100, it indicates how close an economy is to the ideal state or “frontier” of competitiveness.
Slovenia’s overall score in the 2018 report was 69.6, 1.1 points up on the year. With a score of 85.6, the US is the country closest to the frontier of competitiveness. It is followed by Singapore (with a score of 83.5) and Germany (82.8).
Slovenia ranked best in terms of macroeconomic stability (1st place) business dynamism (24th place) and product market (27th place) while it ranked worst in terms of market size (82nd), financial system (60th), and ICT adoption and labour market (both 43rd place).
Within the macroeconomic stability pillar, Slovenia ranked first with a score of 100 both in terms of inflation (annual change) and debt dynamics. Within the business dynamism pillar, Slovenia ranked first in terms of cost of starting a business as percentage of GNI per capita and 4th in terms of insolvency recovery rate.