Slovakia improves in competitiveness

The country moved by six places to 40th in the competitiveness ranking, mostly thanks to solid economic development.

Illustrative stock photoIllustrative stock photo (Source: SME)

Slovakia’s competitiveness improved considerably compared with 60 other countries across the globe. It moved to 40th place, up by six places from last year, according to the IMD World Competitiveness Yearbook 2016 published by the Switzerland-based IMD World Competitiveness Center.

The improved position may be ascribed to better macroeconomic development than the specific reforms of the government, said analysts with the F. A. Hayek Foundation, the partner organisation of IMD World Competitiveness Center in Slovakia, as reported by the SITA newswire.

In the overall ranking, up to two-thirds depend on the hard statistical data about the whole economy. One-third of the final ranking is composed of the survey among local businesses.

“The main improvement is in hard data, i.e. statistics, where Slovakia really improved compared to last year,” said Martin Reguli, analyst with the F. A. Hayek Foundation, as quoted by SITA.

In economic performance, Slovakia improved by 10 places, added Martin Lindák of F. A. Hayek Foundation. Regarding the government's efficiency, Slovakia still has some deficiencies. Though the country has markedly improved, it still lags behind its maximum from 2007 when it placed 30th, Reguli added.

Slovakia has potential to grow, mostly by improving its business environment. Also the world competitiveness report’s results prove that the biggest challenges for the country’s growth are high taxes and payroll taxes, big regional differences, social problems, increasing dissatisfaction with the health sector and education, as well as lingering corruption and cronyism. These all are the areas where legislative changes are required, as reported by SITA.

The country also lags behind its neighbours. The Czech Republic placed 27th, which is the best position among the Visegrad Group (V4) countries, while Poland placed 33rd. Hungary placed 46th, the worst of V4.

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