Economy

Slovakia Moves Up Six Places in Global Competitiveness Ranking

Bratislava, September 27 (TASR) – Reaching 59th place, Slovakia has moved up six positions in the latest 2016-2017 Global Competitiveness Report released by the World Economic Forum (WEF) on Wednesday, TASR learnt on the same day.

Slovak Business Alliance (PAS) executive director Peter Kremsky told a press conference in Bratislava earlier in the day that Slovakia’s rating has been improving since 2014, when the country finished with its historically worst ranking – 78th. Conversely, Slovakia reached its best ranking – 37th place – during the time of economic reform in 2006.

This year’s results indicate a slight increase in Slovakia’s investment attractiveness, a trend that can partly be attributed to some Government measures aimed at simplifying business and reducing red tape.

In fact, the improvements in Slovakia’s investment attractiveness were mainly driven by faster internet connection provided in the country and an increase in the number of airlines.

Despite the slight improvements, Slovakia is still one of the worst countries for business in the EU. “Slovakia’s assessment has improved this year mainly in the Macroeconomic Environment and Technology Readiness pillars, in which we regularly belong among the best in the world. Unfortunately, in the categories of Quality Institutions and Level of Innovation we haven’t made any progress,” said Kremsky.

Entrepreneurs in Slovakia have traditionally considered corruption, state bureaucracy, tax rates, laws on taxes and levies, the labour market and unskilled workers as the biggest problems in the country.

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