Prague, Czech Republic – The Czech Republic and Poland have dropped in an annual world competitiveness ranking, while Hungary stagnated and Slovakia rose up the ladder.
According to the World Competitiveness Ranking 2019, an annual index published by the Swiss-based Institute for Management Development (IMD), the Czech Republic has lost its spot as the most competitive economy in Central and Eastern Europe.
Ranked 33rd worldwide, the Czech Republic dropped four spots compared to last year and has been surpassed by Lithuania (29th worldwide) as the top competitive economy in the CEE region.
Same fate for Poland, which lost four places compared to the 2018 index, dropping to the 38th spot worldwide, between Slovenia and Portugal.
Right ahead of Bulgaria and Romania, Hungary secures the same place as last year (47th). Slovakia, meanwhile, is the only Visegrad country to improve its position compared to 2018, moving up two spots to reach the 55th rank worldwide, right before neighbouring Ukraine.
More generally speaking, “competitiveness across Europe has struggled to gain ground with most economies on the decline or standing still”, write IMD researchers, who note that European economies have lost ground over the past year compared to booming economies in Asia, mostly.
First established in 1989, the IMD World Competitiveness Ranking incorporates over 250 indicators, gathered into four main categories (economic performance, government efficiency, business efficiency and infrastructure), for 63 countries around the world.
These are the world’s most competitive economies in 2019, according to the IMD index:
- Hong Kong
- United Arab Emirates