Azerbaijan improves its position in WEF Competitiveness Report
The World Economic Forum has released its Global Competitiveness Report (GCR) for 2014 - 2015 on September 3 in Geneva.
The report assesses overall competitiveness landscape of 144 economies, providing insight into the drivers of their productivity, innovation and prosperity.
Switzerland tops the overall rankings in the Global Competitiveness Report for the fifth consecutive year. Singapore remains in second position, the United States in third position, and Finland ranked the 4th, while Germany, Japan, Hong Kong, The Netherlands, the United Kingdom and Sweden are in TOP 10.
The report identifies that Azerbaijan continues to move up in the list and placed in 38th position out of 144 economies by improving one rank as compared to 2013. Indeed, Azerbaijan is even leading the most of the European Union (EU) member states such as Lithuania which is ranked the 41st, Latvia 42nd , Poland 43rd, Malta 47th, Italy 49th, Bulgaria 54th, Cyprus 58th, Romania 59th, Hungary 60th, Slovenia 70th, Slovak Republic 75th, Croatia 77th, and Greece 81st.
In the region Azerbaijan is heading all the countries including Turkey which ranked at the 45thposition, Kazakhstan placed at 50 by maintaining the same ranking. Russian Federation ranked at the 53rd position and Georgia at the 69th, Armenia at the 85th, Tajikistan at the 91st, Ukraine ranked at the 76th, and Moldova ranked at the 82nd. Kyrgyzstan ranked the 108thby improving 13 rankings. Uzbekistan and Turkmenistan are not included into the surveys of the report.
The other pillars of Azerbaijan's competitiveness ranked as follow: institutions ranked at the 60th, infrastructure at 70th, health and primary education at 104th, higher education and training 90th, goods market efficiency 72nd, financial market development 89th, technological readiness at 56th, market size at 72nd, business sophistication at 80th, and innovation ranked at 59th.
In the "Infrastructure" pillar, there are enhancements in quality of overall infrastructure, including roads, telecommunications, air transport infrastructure and electricity supply. These indicators shows that Azerbaijan’s economic policy is adhere to the strategy of the President of Azerbaijan, Ilham Aliyev, to convert country in the future as major transportation and communication hub in the region.
In the "Goods market efficiency" pillar, the indicator of intensity of local competition moved up. This indicator suggests, that local market is constantly developing with the aim to take its desirable position in the world economy.
In the "Goods market efficiency" pillar, we witness the improvements in the reduction of number of procedures to start business, reduction in prevalence of trade barriers and increase in of prevalence of foreign ownership. These advances show, that Azerbaijan is targeting at improving business environment for the investors and suggesting us, that attractiveness of Azerbaijan markets are very high for both local and foreign entrepreneurs.
In "Technological readiness" pillar, it could be noticed the improvements in the availability of latest technologies, FDI and technology transfer and increase in individuals using internet. It should be mentioned the increase in both fixed broadband internet subscription and mobile broadband subscription. These changes indicate that Azerbaijan economy is constantly tracks changes in new technology and meet the challenge rising from the revolution of information.
In the "Business sophistication" pillar, Azerbaijan progressed in terms of indicators, such as local supplier quality and extent of marketing, which suggests us strengthening positions of local producers constantly developing their marketing strategies.
In the "Innovation" pillar, there is an increase in PCT patents, applications/million pop indicator, which point out improvement in intellectual property protection in the local markets. Development of this pillar, together with technological readiness pillar, helps Azerbaijan to take part in the establishment of the new communication network in the region.
While the predominance of investments in the oil, gas and mineral sectors has boosted the economies, but it has also slow downed efforts to diversify economies, improve competitiveness and reposition region's economies on a more global competitive footing.
As is known the World Economic Forum's Global Competitiveness Report is the most influential ranking of a country's economic competitiveness and it affects countries image in the world among business, governments and financial leaders.
The Global Competitiveness Report 2014-2015 assesses the competitiveness landscape of 144 economies, providing insight into the drivers of their productivity and prosperity. The Report series remains the most comprehensive assessment of national competitiveness worldwide.
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