Romania climbs one step in IMD World Competitiveness Ranking

Romania’s competitiveness has climbed this year due to better economic performance (prices – 22nd out of 63 -, employment – 31), Switzerland-based International Institute for Management and Development (IMD) revealed.

Romania now ranks 49th among 63 countries assessed for the World Competitiveness Yearbook ranking, up one place from the previous year.

IMD reports shows that Romania’s main challenges in 2018 are to increase the rate of EU funds absorption, to achieve sustainable economic growth, to grow foreign direct investment, boosting job creation, to increase companies’ innovative potential, SMEs especially, through technology transfer and business support infrastructure and preparing for the single currency changeover process.

According to the report, Romania surpasses countries such as Slovakia (55th), Greece (57) and Croatia (61), but ahead of Bulgaria (48), Hungary (47), Turkey (46), Cyprus (41) and Latvia (40).

The top five most competitive economies in the world remain the same as in the previous year, but their order changes. The United States returns to the first spot, followed by Hong Kong, Singapore, the Netherlands and Switzerland. The Netherlands moves one place to 4th, swapping with Switzerland which moves down to 5th.

The remaining places in the top 10 are occupied largely by Nordic countries: Denmark, Norway and Sweden rank 6th, 8th and 9th respectively.

IMD, one of the world’s top business schools, surveyed 6,371 respondents from 63 countries, based on 258 indicators and statistical data from local and international sources, as well as information from executives and experts.

The report used four key indicators to determine weaknesses and strengths of a country: its economic performance, infrastructure development, business efficiency and government efficiency.

economic performanceIMD World Competitiveness RankingInternational Institute for Management and Development (IMD)most competitive economiesRomania’s competitivenessRomania’s main challenges
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