Romania considered the 49th most competitive nation in the world in 2018

Romania ranks 49^th in the World Competitiveness Rankings 2018 published by the Swiss IMD business school, up one place from the previous report.

The report analyses nations by four main criteria: economic performance, government efficiency, business efficiency and infrastructure.

Romania, with a score of 64.9 (out of 100), ranks 49^th in 2018, up one place compared with 2017, but down two places compared with 2015.

In 2018, Romania is considered less competitive than Bulgaria (48^th place), Hungary (47), Turkey (46) and Russia (45), but more competitive than Slovakia (55), Greece (57), Ukraine (59) and Croatia (61).

Romania scores better in economic performance (prices – 22^nd out of 63 -, employment – 31) and worse in business efficiency (finance – 58, management practices – 57).

IMD said in its report that Romania’s main challenges in 2018 are to increase the rate of EU funds absorption, to achieve sustainable economic growth, to increase foreign direct investment stimulating job creation, to increase the innovative potential of enterprises, particularly SMEs, through technology transfer and business support infrastructure and preparing for the euro changeover process.

The IMD World Competitiveness Ranking presents the overall ranking for the 63 economies. The economies are ranked from the most to the least competitive.

The most competitive nations in the world are USA, Hong Kong, Singapore, the Netherlands and Switzerland, according to the report.