Analytics, Baltic, Economics, Good for Business, Rating
International Internet Magazine. Baltic States news & analytics
Thursday, 28.03.2024, 21:53
Latvia ranks 42nd, Lithuania -- 40th and Estonia -- 32nd in World Economic Forum’s Global Competitiveness Index
Lithuania ranked 40th this year and Estonia ranked 32nd.
WEF said that this year the report uses new methodology to
understand the full impact of the the Fourth Industrial Revolution (4IR), and
finds factors including human capital, agility, resilience, openness and
innovation becoming increasingly important.
The new index measures 140 economies against 98 indicators,
organized into 12 "pillars" or drivers of productivity, to determine
how close the economy is to the ideal state or "frontier" of
competitiveness, including institutions, infrastructure, macroeconomic
stability, business dynamism and innovation capability.
Among these 12 criteria, Latvia shows the best performance
in macroeconomic stability, ranking 1st in the world. In total, 31 world’s
economies rank first in this category.
Latvia ranks 11th in information and communication
technologies adoption pillar, 23rd in skills pillar, 29th in labor market
pillar, 47th in infrastructure and business dynamism pillars, 49th in
institutions and product market pillars, 52nd in innovation capability pillar,
94th in market size and financial system pillars, and 76th in health pillar.
The world’s most competitive countries are the US,
Singapore, Germany, Switzerland, Japan, the Netherlands. Hong Kong, the UK,
Sweden and Denmark.
The least competitive countries include Chad, Yemen, Haiti
and Angola.
WEF reports that the average score for the world is 60
points or 40 points away from the frontier
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