World Competitiveness Ranking 2021: Ukraine among ten least competitive states

Source : 112 Ukraine

Switzerland ranked first in competitiveness this year
16:50, 18 June 2021

Open source

Ukraine occupies one of the last places in the world competitiveness rating - 54th place among 64 countries of the world. The ranking has been published by the Swiss research institute IMD.

Ukraine's current results are: 54th in terms of economic performance, 53rd in government efficiency, 50th in business efficiency and 51st in infrastructure. According to the general assessment, Ukraine has climbed six positions up in the rating since 2017.

Related: Inflation rate in 2022 will be 6.6%, - Ministry of Economy forecast

Switzerland took the first place in terms of competitiveness this year. Sweden, Denmark, the Netherlands and Singapore are in the top five.

The World Competitiveness Ranking is based on 334 competitiveness criteria selected as a result of comprehensive research using economic literature, international, national and regional sources and feedback from the business community, government agencies and academics. The criteria are revised and updated on a regular basis as new theory, research and data become available and as the global economy evolves.

"An economy’s competitiveness cannot be reduced only to GDP and productivity because enterprises also have to cope with political, social and cultural dimensions," the creators of the rating explain.

Meanwhile, the Cabinet of Ministers of Ukraine expects inflation to drop to 6.2% in 2022 and to 5% in 2023. In addition, in the coming years, it is planned to reduce public debt to less than 50% of GDP.

Related: Ukraine's inflation slows to 0.7% in April, to 8.4% year-over-year

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