Cyprus ranks 37th in competitiveness out of 63 countries

Cyprus ranks 37th on the competitiveness of its economy out of 63 countries according to the IMD World Competitiveness Ranking, in which it was included this year for the first time, a press release of the Economics Research Centre of the University of Cyprus says.

The Economics Research Centre, the press release says, acts as a partner institute of the IMD World Competitiveness Center for the 2017 edition of the IMD World Competitiveness Yearbook by contributing to the collection of the necessary data for Cyprus.

In the newly released IMD World Competitiveness Ranking, Cyprus is ranked 37th out of 63 countries.

According to the Economics Research Centre’s summary of the results, the Cypriot economy’s positive elements include foreign investments, the company tax regime, revenue from tourism, exports of commercial and / or professional services and a low crime rate.

The Cypriot economy’s weakness on the other hand include long-term unemployment and the rate of youth unemployment, the high level of public debt as a percentage of GDP, low expenditure and small numbers of employees in the area of research and development.

On the basis of an opinion poll, it is noted, the main characteristics which make the Cypriot economy attractive are the competitive tax regime, the high level of education and the specialised workforce.

Cyprus ranks 28th out 63 countries on economic performance, 5th in the sub-category of international investments but 57th in employment.

On state performance, it ranks 22nd, given the 9th spot on the sub-category of tax policy and a relative low ranking of 39th for the sub-category of institutional framework.

However, in the category of performance of businesses Cyprsu ranks 50th, mainly due to low rankings in the sub-categories of administrative practices (58th) and productivity and effectiveness (49th).

On infrastructure Cyprus ranks 40th out of the 63 countries, getting low rankings on technological (56th) and scientific (60th) infrastructure although ranking 3rd on the sub-category of education.

This year, the press release continues, the World Competitiveness Centre presented for the first time the IMD World Digital Competitiveness Ranking.

Cyprus is ranked 53rd out of 63 countries in terms of digital competitiveness.

Source: Cyprus News Agency