Ukraine rises nine spots in WEF competitiveness ranking

Ukraine moved up nine spots to #73 of 144 countries in the annual global competitiveness ranking published by the World Economic Forum, according to results released yesterday. Ukraine had gained seven places in 2011, but had fallen 16 spots over the prior two years. WEF said that Ukraine benefited from a healthier economic environment compared to previous years, while maintaining its competitive strengths. The report said that arguably Ukraine’s most important challenge is to overhaul its institutional framework, which suffers from red tape, lack of transparency and favoritism. The Global Competitive Index comprises 12 categories: institutions, infrastructure, macroeconomic environment, health and primary education, higher education and training, goods market efficiency, labour market efficiency, financial market development, technological readiness, market size, business sophistication and innovation.