Ukraine raises by 5 places in the ranking of competitive economies in the world

The Swiss International Institute for Management Development (IMD) has published a ranking of the world’s most competitive economies.

Singapore has got to the top spot of the ranking for the first time since 2010. In the second and third places, there are Hong Kong and the United States of America. The authors of the rating note that Singapore’s first place is explained by its advanced technological infrastructure, availability of skilled labor, favorable immigration laws and opportunities for setting up new businesses.

This year, Ukraine was ranked 54th, it goes ahead of Slovakia and Colombia. Last year, our country was in the 59th place of the ranking.

The IMD World Competitiveness Rankings are made up of 235 criteria for each of the 63 evaluated economies. Among them, there are unemployment level, government expenditures on health and education, corruption, etc. Each country receives the final score based on four categories: economic efficiency, infrastructure, government, and business efficiency.

In the related news: Kyiv and Lviv were in the top 100 most attractive cities for investment according to the Financial Times.