Cyprus: 64th place in Economic Competitiveness

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The World Economic Forum, or the “Davos Forum” in Cyprus, published a comparative table of economies which highlighted that Cyprus now ranks 64th out of 137 countries in terms of its extent of competitiveness of its economy.

However, there are 24 other EU member countries that are higher in the table of economies than Cyprus.

The partners of the Forum that participated in the study were the Bank of Cyprus and the European University of Cyprus.

The Global Competitiveness Report of the World Economic Forum’s top ten countries are consistent in their rankings. Switzerland remains at the top of table, followed by the USA and Singapore. In fourth place there is The Netherlands, which is then followed by Germany, Hong Kong and Sweden. Britain, Japan and Finland take the last few places of the top ten.

The ranking is based on the statistical financial data of the respective country, alongside interviews with business representatives and organisations.

Cyprus’ ranking involved the following 12 pillars: Goods market efficiency 25th, Infrastructure 30th, Technological capability 32nd, Primary Education and Health 39th, Labour market efficiency 39th, Higher Education and training 46th, Institutions 51st, Innovation 53rd, Businesses Sophistication 55th, Macroeconomic Environment 97th, Financial Market Development 108th and Market Size 109th.