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September 30, 2022

Romania climbs 6 places in economic competitiveness rankings

Romania has climbed 6 places, from 59th to 53rd place, in the World Economic Forum’s annual economic competitiveness rankings.
Romania has surpassed Bulgaria this year, the latter being 54th in the Global Competitiveness Index 2015-2016 published on Wednesday by WEF. Hungary is 10 places behind Romania, on 63rd place, while Ukraine is only 79th, Republic of Moldova is 84th and Serbia is 94th. On the other hand, the Czech Republic is 31st, Lithuania is 36th and Poland is 41st.
The Romanian economy fares best when it comes to efficiency, being 44th in the world, climbing 6 places year-on-year, and fares worst when it comes to innovation, being 84th, falling 6 places year-on-year.
The criteria on which efficiency is calculated include access to education and training, the consumer and labour markets’ efficiency, the financial market’s degree of development, the economy’s degree of technological development as well as the size of the domestic market.
Innovation refers both to the implicit aspect of innovations brought by the local economy, as well as to the business environment’s “degree of sophistication.”
In what concerns the basic requirements of a market economy, such as the degree of institutional development, infrastructure, macroeconomic environment and access to health services and primary education, Romania is 70th in the world, climbing 7 places year-on-year.

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