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.
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.