BUSINESS IN SHORT

Slovakia up in competitiveness

SLOVAKIA slightly improved its competitiveness ranking, up three places from last year to 75th in the Global Competitiveness Report 2014-2015, published by the World Economic Forum (WEF) on September 3.Róbert Kičina of the Business Alliance of Slovakia (PAS), however, still considers the country’s position unfavourable and calls for measures to improve the situation.

SLOVAKIA slightly improved its competitiveness ranking, up three places from last year to 75th in the Global Competitiveness Report 2014-2015, published by the World Economic Forum (WEF) on September 3.
Róbert Kičina of the Business Alliance of Slovakia (PAS), however, still considers the country’s position unfavourable and calls for measures to improve the situation.

“After seven years of worsening and last year’s historically worst placing at the 78th position, this year has brought a change in the trend and a small correction of Slovakia’s position,” Kičina wrote. “In spite of this, Slovakia has failed to get into the first half of the ranking, in which all EU countries except Croatia and Greece are.”

Kičina sees mostly the increase in macro-economic stability, the decreasing deficit and a more intensive fight by the government against tax evasion behind the improved ranking.

He would like to see further measures enacted thatwould focus on improving the operation of public institutions, especially the judiciary and law enforcement, as well as fighting corruption and cronyism, and improving the tax system by abolishing exceptions and decreasing the corporate tax rate to a level similar to that in neighbouring countries.

According to the WEF, Slovakia also faces barriers in the form of administrative burdens, low transparency and limited effectiveness of public expenses, a rigid labour code, a stagnant education system and a low level of innovation.

The Global Competitiveness Report 2014-2015 assesses the landscape of competitiveness of 144 economies. Switzerland topped the rankings for the sixth year in a row. Second place went to Singapore, while the United States ranked third.

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