Russia has climbed up 8 places to 45th place in this year’s WEF competitiveness rankings published this week, largely reflecting the improvement in the business environment that followed its accession to the WTO in 2012. The main challenges it now faces, according to the Geneva-based organisation, are the structural weakness of its state institutions, the insufficient development of the financial markets and the low efficiency of goods market.
The rankings of states along the New Silk Road were as follows:
- China (29th, up from 28th)
- Kazakhstan (42nd, up from 50)
- Turkey (51st, down from 44th)
- Iran (74th, up from 82nd)
- Ukraine (79th, up from 84th)
- Tajikistan (80th, in the report for the first time)
- Armenia (82nd, down from 79th
- Kyrgyzstan (102nd, up from 121st)
- Mongolia (104th up from 107th
Switzerland took first place for the seventh time in a row with Singapore in second followed by the US, Germany and the Netherlands.