Ukraine's global competitiveness climbed by seven notches to the 49th place this year, according to a new report, according to Xinhua.

The World Competitiveness Yearbook 2013, published Thursday by the International Institute for Management Development (IMD), showed Ukraine has improved its economic environment, local media reported.

The survey, which ranks a total of 60 economies, puts the United States as the most competitive one, followed by Switzerland, Hong Kong, Sweden and Singapore.

The IMD yearbook is considered as the leading annual report on the competitiveness of world economies. It uses more than 300 criteria, including business climate, investment opportunities, employment rate and gross domestic product growth.