Prague, Czech Republic – According to the World Competitiveness Ranking 2018 published by the Institute for Management Development (IMD) in Lausanne, Switzerland, the Czech Republic ranks as the most competitive economy in Central and Eastern Europe.
Czech economy ranked most competitive in Central and Eastern Europe
The IMD World Competitiveness Ranking, a yearly index published since 1989, ranks 63 economies around the world according to 258 economic indicators, positioning them on a scale from 0 (least competitive) to 100 (most competitive).
Ranked 29th most competitive economy in the world in 2019, the Czech Republic stands out as the first among the former eastern bloc, logged between France (29th) and Thailand (30th). The Czech Republic loses one spot compared to the previous year, when it was at the 28th position worldwide. Although the Czech economy’s economic attractiveness has shown signs of declining in the eyes of foreign investors, it was recently ranked as the most attractive manufacturing destination in Europe.
Strong performances for Poland and Hungary
Other CEE countries closely follow, including Estonia (31st) and Lithuania (32nd). Poland, poised to be the EU’s second fastest-growing economy in 2019, moves up four spots in the ranking (34th).
Other V4 countries don’t fare as well as their Czech and Polish neighbours, also considered as two of the most stable economies in the EU: Hungary ranks 47th (compared to 52nd last year) and Slovakia, at the 55th place, loses four positions compared to 2017, and is now logged between Peru and Argentina.
U.S. overtakes Hong Kong as world’s most competitive economy
According to the IMD World Competitiveness Ranking 2018, the most competitive economy in the world is the U.S., which overtakes Hong Kong (ranked 1st in last year’s index) as the world’s most attractive place to do business. They’re followed by Singapore, the Netherlands and Switzerland, rounding up the top 5.
Other highly competitive economies include Denmark, the United Arab Emirates, Norway, Sweden and Canada.
China ranks 13th worldwide, while Germany, the U.K. and Japan are placed 15th, 20th and 25th respectively. Russia and Turkey come 45th and 46th in the international index.