BUSINESS IN SHORT

Slovakia’s competitiveness worsens

SLOVAKIA fell 13 places to 60th position in the overall rankings in The Global Competitiveness Report 2010-2011, released on September 9 by the World Economic Forum ahead of its Annual Meeting of the New Champions 2010 in Tianjin. It is Slovakia’s worst recorded performance since it started to be considered in this index, said the Slovak Business Alliance (PAS).

SLOVAKIA fell 13 places to 60th position in the overall rankings in The Global Competitiveness Report 2010-2011, released on September 9 by the World Economic Forum ahead of its Annual Meeting of the New Champions 2010 in Tianjin. It is Slovakia’s worst recorded performance since it started to be considered in this index, said the Slovak Business Alliance (PAS).

Switzerland tops the overall rankings in The Global Competitiveness Report 2010-2011, while the United States falls two places to fourth position, overtaken by Sweden (2nd) and Singapore (3rd), after already ceding the top place to Switzerland last year. The Czech Republic managed to uphold its 36th position from last year. Slovakia’s other two neighbours, Poland and Hungary, continued improving their rankings.

“Negative interventions into the business environment on the part of government last year and a low ability to reform and remove the main barriers for business have caused Slovakia’s drop in the competitiveness ranking for the fourth consecutive time,” said Róbert Kičina, the PAS’ executive director, adding that the main barriers for business in Slovakia are ineffective public institutions, a low level of innovation, below-average infrastructure, a backwards educational system, bureaucracy, corruption and restrictive labour legislation.

The Global Competitiveness Report’s competitiveness ranking is based on the Global Competitiveness Index (GCI), developed for the World Economic Forum by Sala-i-Martin and introduced in 2004.


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