Analytics, EU – Baltic States, Good for Business, Lithuania, Markets and Companies, Rating

World Competitiveness Ranking includes statistical data as well as CEO survey and the countries are ranked against four main criteria: economic performance, government effectiveness, business effectiveness and infrastructure. Out of the four during 2014, Lithuania demonstrated fastest move in business effectiveness (from 35 to 23).

Business effectiveness was impacted mainly by a qualitative change: CEO survey disclosed the transformation in business leaders' attitude towards business conduct, increase in business management standards, entrepreneurship. Impactful statistical data, like Lithuania takes number 1 position in female labour force, as well as availability of venture capital for business development conditioned bold move towards improvement of business effectiveness ranking.

"The competitiveness ranking highlights innovative, profitable and responsible business performance. We managed to achieve new high levels of entrepreneurship and we are proud to be number one in this criteria, outperforming Israel, which is a role model for us in start-up ecosystem and life science development. This fact as well as availability of risk capital, where Lithuania moved from 24 to 11, encourages us to expect further break-through in business innovation to foster overall economic development and even higher ranking next year," says Mantas Nocius, general manager of Enterprise Lithuania.

Another important factor, which facilitated higher positioning of Lithuania, is government efficiency development from 32 to 25. Institutional framework and business legislation were those key factors of improvement in line with societal framework development. Start up procedures and start up days were in the focus of enhancement and great results are reflected by respective ranking positions, with overall ease of business doing moving by 15 positions up: from 32 towards 17.

Lithuania is focused to develop its infrastructure and managed to reach 30 in the ranking. It was conditioned by high level of technological and scientific infrastructure development with Lithuania firmly established in number 1 position worldwide in connectivity and communications technology.

"In the World competitiveness ranking all top positions are occupied by the countries which are driven by innovations. With leading positions in infrastructure indicators Lithuania demonstrates that we are on the right track. Analysing long term perspectives investment into infrastructure and access towards new technologies pays back and creates sustainable progress," says Nocius.

The USA remains at the top of the ranking as a result of its strong business efficiency and financial sector, its innovation drive and the effectiveness of its infrastructure. Hong Kong (2) and Singapore (3) move up overtaking Switzerland, which drops to fourth place. Canada (5), Norway (7), Denmark (8), Sweden (9) and Germany (10) remain in the top 10. Luxembourg moves to the top (6) from 11th place in 2014.