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Russia Climbs 11 Places in WEF Global Competitiveness Report

© Fotolia / lichtmeisterThe least competitive countries, according to WEF, are Yemen, Chad and Guinea.
The least competitive countries, according to WEF, are Yemen, Chad and Guinea. - Sputnik International
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Russia was ranked the 53rd most competitive country, up from 64th place in 2013, in the World Economic Forum’s annual competitiveness ranking published Wednesday.

MOSCOW, September 3 (RIA Novosti) - Russia was ranked the 53rd most competitive country, up from 64th place in 2013, in the World Economic Forum’s annual competitiveness ranking published Wednesday.

“The Russian Federation is placed at 53rd position this year with some improvements related to the efficiency of goods markets (in particular domestic competition), ICT use, and business sophistication,” the report stated.

Switzerland claimed to be on top of the ranking once again, followed by Singapore and the United States. The least competitive countries, according to WEF, are Yemen, Chad and Guinea.

Russia’s competitive strengths are a well-educated population, high levels of ICT use and a solid potential for innovation. However, Western sanctions and potential disruptions to the gas trade could affect the country’s competitiveness, the report stated.

The United States together with the European Union have imposed sanctions on Russia over its alleged meddling in Ukraine’s internal affairs. Moscow has repeatedly denied any involvement in the internal Ukrainian crisis.

Ukraine moved up from 84th to 76th place in this year’s ranking, though the ongoing crisis is likely to affect the country’s competitiveness going forward, WEF says.

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