Spectator on facebook

Spectator on facebook

Slovakia falls in WEF competitiveness rankings

Slovakia has placed 41st among 131 countries according to the competitiveness of its economy, dropping two places after four years of climbing, the Global Competitiveness Report 2007-2008 published by the World Economic Forum (WEF) revealed on October 31.

"Slovakia's biggest competitive disadvantage, according to the WEF, is its high pay-roll tax burden," said Robert Kičina, executive director of the Slovak Business Alliance, which is the WEF's official partner on behalf of Slovakia. A poor level of efficiency in public spending, a high public finances deficit, the state of transport infrastructure, agriculture policy spending and an undeveloped capital market were the factors that led to Slovakia’s lower ranking.

Among Slovakia's major competitive advantages were the openness of its economy to foreign investors bringing new technologies, a lack of barriers on imports and exports, flexibility in wage bargaining, and a high correlation between salaries and labour productivity, according to the WEF.

Slovakia's partners in the Visegrad Four grouping have also lost ground, with the Czech Republic falling two places to 33rd place, Hungary tumbling six places to 47th, and Poland winding up in 51st place. TASR

Compiled by Zuzana Vilikovská from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

Top stories

PM Fico wants Education Minister’s resignation

Education Minister Peter Plavčan has refused to leave, the Prime Minister demanding his resignation.

Education Minister Peter Plavčan

Have you ever climbed a via ferrata? Photo

In central Slovakia, there is one also suitable for beginners. Here are some of the views it offers.

Things that make us different also make us stronger

On August 19, a rainbow flag will fly over the US Embassy in Bratislava to represent the firm commitment of the United States to defending the human rights of LGBTI people, writes Ambassador Sterling.

The rainbow flag flew over the US Embassy in Bratislava in 2016.

Southern Slovakia will face heat again

The first-level warning is issued for the 16th and 17th.