Estonia up two places in global competitiveness survey

29.06.2012, 10:22

Estonia scored 66.95 points and was ranked 33rd, up two places from last year, in the World Competitiveness Yearbook compiled by the Swiss-based International Institute for Management Development (IMD) that ranks and analyzes how a nation's business environment creates and sustains the competitiveness of enterprises.

Lithuania was 36th, up nine places in a year, while Latvia was not ranked.

The most competitive of the 59 ranked economies in 2012 are Hong Kong, the US and Switzerland (see overall rankings table below). Despite all its setbacks, the US remains at the center of world competitiveness because of its unique economic power, the dynamism of its enterprises and its capacity for innovation.

The most competitive nations in Europe are Switzerland (3), Sweden (5) and Germany (9), which have export-oriented manufacturing and fiscal discipline. Meanwhile, Ireland (20), Iceland (26) and Italy (40) look better equipped to bounce back than Spain (39), Portugal (41) and Greece (58), which continue to scare investors.

Emerging economies are not yet immune to turmoil elsewhere. China (23), India (35) and Brazil (46) have all slipped in the rankings, while Russia (48) climbed only one place. All Asian economies have declined apart from Hong Kong (1), Malaysia (14) and Korea (22). Latin America also had a tough year, with every nation falling except Mexico (37).

The IMD World Competitiveness Yearbook 2012 includes data for 59 countries measuring economic performance, government efficiency, business efficiency, and infrastructure.

The IMD ranking is based on a survey of 4,200 global business executives from around the world.