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International Internet Magazine. Baltic States news & analytics Thursday, 28.03.2024, 17:15

Estonia is higher than its neighbors in EU regarding competitiveness

BC, Tallinn, 13.06.2014.Print version
Estonia is on the 12th position in the fresh European Union competitiveness rankings list, compiled by the World Economic Forum, LETA/Postimees Online reports.

As in previous years, this year’s top 10 remain dominated by a number of European countries, with Switzerland, Finland, Germany, Sweden, the Netherlands, and the United Kingdom confirming their places among the most competitive economies. Three Asian countries also figure in top 10, with Singapore remaining the second-most competitive economy in the world, and Hong Kong SAR and Japan placing 7th and 9th. It is worth noting that a vast majority of the top 10 most competitive economies share strengths in innovation and a strong institutional framework.

 

Among the Baltic countries, Estonia is the highest ranked while Lithuania and Latvia are on the 17th and 19th position respectively in EU.



Source: weforum.org


The three countries in the European Union with the poorest competitiveness are Greece, Bulgaria and Romania.

 

As Europe slowly emerges from the worst financial and economic crisis of the past 80 years, the need to focus  on long-term strategies to increase competitiveness has never been greater. Following the vision set by European  Union (EU) institutions in 2010, all European stakeholders  need to work together to implement the Europe 2020 strategy, thereby building a smarter, inclusive and  sustainable economy to support robust economic growth and the generation of jobs.

 

In assessing the state of Europe’s competitiveness, The Europe 2020 Competitiveness Report: Building a More Competitive Europe 2014 Edition finds that: Europe has weathered the financial storm  thanks to the adoption of bold monetary policies, the restructuring processes in the banking  systems and reforms that have reduced structural  public spending in certain countries and brought  tranquillity back to the markets.

 






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