Ukraine Displays Progress in IMD Competitiveness Rating

KYIV, Ukraine, May 31, 2013 /PRNewswire/ --

Ukraine jumped up seven positions on the IMD World Competitiveness Rankings 2013. The Eastern European country now occupies the 49^th spot on the list, with its last year's result being number 56. The U.S., Switzerland and Hong Kong took top positions on the competitiveness list, followed by Sweden, Singapore, Norway, and Canada.

Ukraine is one of the 22 countries on the list who improved their positions since 2012. Neighboring Poland increased its competitiveness by one rank, reaching number 33. Russia showed a six position improvement, being 42^nd in 2013. Notably, crisis-ridden Greece jumped from number 58 to 54.

Decrease in competitiveness was observed in such European countries as Austria, Belgium, Bulgaria, Croatia, Czech Republic, Estonia, Finland, Hungary, Iceland, Italy, Luxembourg, the Netherlands, Portugal, Romania, Slovenia, and Spain. IMD explains that austerity programs are delaying recovery from the financial crisis for these countries.

IMD highlights that the U.S. strengthened its position from number 2 in 2012 to number 1 in 2013 due to "rebounding financial sector, an abundance of technological innovation and successful companies." Switzerland, Sweden and Germany maintained their high positions in the rating as they boast "export-oriented manufacturing, diversified economies, strong small and medium enterprises (SMEs) and fiscal discipline," states the official website of IMD.

Published since 1989, the report by the Swiss business school evaluates how economies of states manage resources to increase prosperity. More than 300 criteria are used to assess the competitiveness of 60 nations. Both statistics and expert surveys contribute to the total score of each country.

Another international organization to document Ukraine's competitiveness growth in 2012-2013 was the World Economic Forum. The Global Competitiveness Report by the organization placed Ukraine under number 73, improving the country's ranking by nine positions. The authors of the report highlight Ukraine's budget deficit cut, decrease of the debt-to-GDP ratio, and reduced inflation. Large market size and solid educational system create the key competitive strengths of this Eastern European economy.

Moreover, in 2012, Ukraine showed progress in the easiness of doing business as it climbed 15 spots to reach the 137^th place on the World Bank's Doing Business report. Ukraine's President Viktor Yanukovych has subsequently stated the objective to secure a top 100 spot on the list by 2014.