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World Economic Forum: Slovakia´s Performance Worsens
According to the World Economic Forum Competitiveness Report, Slovakia´s competitiveness slipped again.
World Economic Forum: Slovakia´s Performance Worsens / Picture: © Flickr
Among 144 observed countries, Slovakia ranks 71st. Four years ago, Slovakia has reached the 69th place. The ranking is led by Switzerland, Singapore and Finland.
The ranking analyzes twelve indicators regarding the framework requirements for the economy, the development of the financial market and the infrastructure.
Slovakia´s main weaknesses are the low efficiency in the legal system in settling disputes, the perceived nepotism and the low trust in the political framework. Moreover, the bureaucracy and the low quality of public services were the main reasons for Slovakia´s poor performance. Other weaknesses are the tendency of corruption, the political instability and the low supply of infrastructure. For Slovakia, this is the worst ranking since its first inclusion in 1997.
In the EU, Slovakia´s competitiveness is now the third-lowest. Only Romania (78th) and Greece (96th) have an even worse ranking. According to the Minister of Economics Robert Kicina, Slovakia´s competitiveness ranking fell for the sixth time in a row.
The strengths of Slovakia are the support for FDI, the low trade tariff duties, the tax system and the prevalence of foreign ownership.
Klaus Schwab, founder and chairman of WEF: „The increasing gap in the regional and interregional competitiveness, especially in Europe, is the reason for the current difficulties. These difficulties are endangering our future prosperity.”