An annual competitiveness report compiled by the IMD Business School in Lausanne, Switzerland, puts the Czech Republic 29th on a ladder of sixty-one countries. Its present ranking, four notches higher than last year, confirms a turnaround in the country’s performance which was first reflected in the Global Competitiveness Report published by the World Economic Forum last September.
The competitiveness report compiled by the IMD is based on a country’s performance in a number of key spheres including business environment, legal environment, access to financing and the quality of public administration. In addition to statistical indicators the study relies on an exclusive IMD survey of over 6,000 international executives.
According to the report the Czech Republic’s improved standing is driven by steady economic growth, government-measures to fight corruption and a stable political environment. The country’s strong points according to the managers surveyed are a stable macroeconomic environment, good access to financing, a highly qualified and yet relatively cheap work force and a reliable infrastructure. What is harming the country’s economy long-term is slow and incompetent state institutions, excessive red tape and the legal environment.
Based on the country’s performance in the areas surveyed, IMD has made a number of recommendations for improvement, advising the Czech government to reduce the tax and regulations burden on small and medium sized businesses, work to improve the legal environment, continue in the fight against corruption and take measures to cushion the economic impact of the sanctions against Russia.
The country’s 29th ranking in the IMD study confirms a positive trend that was first reflected in the Global Competitiveness report published by the WEF in September of last year where the Czech Republic saw a turnaround in the wake of a four year slide caused by the recession. It shot nine places up the ladder to 37th ranking on a list of 144 countries. Despite the marked improvement the country has not yet regained the position it held in 2009-2010 when it ranked 31st.
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