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Slovakia 40th in economic competitiveness

SLOVAKIA ranked 40th out of 60 states in a recent chart that compared competitiveness of economies, the Hospodárske noviny daily wrote. The chart was prepared by the Institute for Management Development (IDM).

Thus, despite its reforms in the labour market, flat tax system, and tough budgetary policy, Slovakia's position in terms of competitiveness is worse than that of comparable states such as Estonia, the Czech Republic and Hungary.

"The favourable tax system is not decisive for the increasing of the competitiveness of the economy although the expense effectiveness of doing business has a strong influence on investment decisions of firms," said Martin Knapko, an analyst with the Bratislava based F A Hayek Foundation, which provided the IDM with Slovak data.

He added that investors put greater importance on the financial relations between firms, banks, and the state, as well as the infrastructure, logistics, science, research and education in a given country.

According to the IDM competitiveness chart for 2005, the US remains the most competitive economy in the world followed by Hong Kong and Singapore.

The Czech Republic ranked 36th, Hungary was 37th and of Slovakia's neighbours who are members of the EU, only Poland was worse, ranked in 57th position.

Compiled by Martina Jurinová from press reports
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