REUTERS
It now ranks 54th.
Ukraine has climbed five places up in the 2019 World Competitiveness Ranking compiled by Switzerland-based International Institute for Management Development (IMD).
An updated report is available on the IMD's website.
Ukraine ranks 54th compared to its 59th place last year.
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In total, 63 countries are on the ranking.
Singapore tops the ranking, having ousted the leader, the United States of America. This year, the U.S. economy has ceased to be the most competitive in the world and slid to the third place. The second place belongs to Hong Kong.
Poland is 34th, having slid by four places. "Competitiveness across Europe has struggled to gain ground with most economies on the decline or standing still. The Nordics, traditionally a powerhouse region for competitiveness, have failed to make significant progress this year, while ongoing uncertainty over Brexit has seen the United Kingdom fall from 20th to 23rd," the IMD said in a statement. "The biggest climber for the region, Ireland, rose five places to 7th as business conditions improved alongside a strengthening economy. According to the data, Ireland leads the way globally for investment incentives, the handling of public sector contracts and areas such as image, branding and talent management. Portugal posted the biggest fall in the region, down six places to 39th – a reversal from gains made in the previous year."
The Russian Federation ranks 45th this year, as was the case in 2018.
The authors of the rating assess competitiveness in four categories: economic performance, government efficiency, business efficiency and infrastructure. The ranking takes into account a wide range of statistical data, such as unemployment, GDP and public spending on health care and education, as well as data on the survey of executors, covering such topics as social cohesion, globalization and corruption.
UNIAN memo. The IMD World Competitiveness Ranking has been published annually since 1989. It covers 63 countries, analyzing their competitiveness by approximately 260 criteria. The study assesses the ability of a state to create a competitive environment and favorable conditions for doing business.