GLOBAL COMPETITIVENESS 2012-13 - UKRAINE UP 9 PLACES...TO 73RD

05.09.12


Global competitiveness

The World Economic Forun today published its 2012-13 Global Competitiveness Report, which ranks the competitiveness of 144 countries on a range of criteria that affect the economic landscape, including national productivity, management of national debt, internal and external investment, export volumes, technology, and financial and political efficiency and transparency.

This year, Ukraine has come in 73rd place, below Kazakhstan in 51st place and Russia in 67th place and just above Uruguay and Vietnam. It has improved its ranking by 9 places since last year, mainly because of a reduction in its budget deficit and in inflation (though still high at 8%), it's large market size and good access to education which promotes innovation. While this brings some good news, the overall message is that Ukraine still has much to do to capitalise on its economic potential. The report says that,

"Arguably, the country’s most important challenge is the needed overhaul of its institutional framework, which cannot be relied on because it suffers from red tape, lack of transparency, and favoritism. Ukraine could realize further efficiency gains from instilling more competition into the goods and services markets (117th) and continuing the reform of the financial and banking sector (114th)."

Of the former Eastern bloc countries, Estonia and the Czech Republic are doing best - ranked at 34 and 38 respectively. For the fourth year running, Switzerland is top of the rankings, with Germany, the US and the UK in 6th, 7th and 8th places.

Lack of transparency, favouritism, nepotism, red tape - these are familiar themes in all areas of Ukraine's political and economic landscape. These need firm government action to increase Ukraine's prosperity and benefit everyone - not just a favoured few.

To read more in Ukrainian, click here. To read the report, click here.

 



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