According to the 2019 World Economic Forum (WEF) report on Global Competitiveness, Serbia fell to the 72nd from the 65th position it held last year, despite making progress in eight indicators and keeping the same index, the Beta news agency reported on Wednesday, citing the Association of Serbia’s Managers (SAM) and the Foundation for Economic Science Development (FREN).
Serbia advanced in the areas of institutions, infrastructure, skills, labour market, financial system, the market size, business dynamics and capability for innovations.
In terms of macroeconomic stability, the country kept the same index, while in the implementation of the ICT, health service and products’ market, Serbia did worse than in 2018.
Despite making progress on eight of the 12 analysed pillars of competitiveness, Serbia achieved the same score as last year – 60.9.
Due to the identical score, as well as to further progress by the world’s leading economies, Serbia’s ranking is seven places down from last year.
Want to open a company in Serbia? Click here!
The official results of the WEF Global Competitiveness Index were published on Wednesday by the Serbian Association of Managers and the Foundation for the Advancement of Economics.
The analysed pillars of competitiveness are: institutions, infrastructure, ICT adoption, macroeconomic stability, health, skills, product market, labour market, the financial system, market size, business dynamism and innovation capability.
The top five countries on the Global Competitiveness List are Singapore, the USA, Hong Kong, the Netherlands and Switzerland, with Chad in last place.
Bosnia and Herzegovina (92nd), Northern Macedonia (82nd) and Albania (81st) are the worst-ranked in the region, while Croatia ranks 63rd, Montenegro 73rd, Romania 51stt, Bulgaria 49th, Hungary 47th, and Slovenia 35th.
Representatives of SAM and FREN said at the press conference on that Serbia, compared to the countries of Europe and Eurasia, shows that there is av great room for progress. Serbia is lagging behind the European average by about 10 points, which means that it needs to increase its competitiveness by 17 per cent.
This post is also available in: Italiano