Russia rose five spots to #38 out of 137 countries in the latest edition of the World Economic Forum’s (WEF) Global Competitiveness Index, with its score increasing to 4.64 from 4.51 in last year’s report, the US-Russia Business Council reported, citing the source.
The increase was due mainly to improvements in the Macroeconomic Environment category, where Russia jumped 38 spots to #53. Russia made gains in several other categories, including rising five spots to #83 in Institutions, five spots to #57 in Technological Readiness and seven spots to #49 for Innovation.
Among the Innovation subcategories, Russia improved 12 spots to #54 in Company Spending on R&D and 13 spots to #65 in Capacity for Innovation.
However, the WEF cautioned that the Russian economy “remains highly dependent on mineral exports and prospects remain uncertain.” Russia continues to score poorly in Financial Market Development (#107), Property Rights (#106) and Judicial Independence (#90) and fell 18 spots to #78 in Labor Market Flexibility.
Investors identified corruption, taxes and lack of access to financing as the most important impediments to doing business in Russia.
Switzerland topped the ranking, followed by the United States, Singapore, the Netherlands, and Germany. China ranked at #27, while India was #40, South Africa #61 and Brazil #80.