Cyprus climbed 19 places and ranks 64th among 137 countries in the comparative table of economies, publicised on Wednesday by the World Economic Forum, better known in Cyprus as the “Davos Forum.”
The partners of the Forum in Cyprus, which took part in the study, are the European University of Cyprus and the Bank of Cyprus.
According to a press release issued by the European University, Cyprus ranks 64th regarding the degree of the competitiveness of its economy. Compared with other EU member states, 24 countries rank higher than Cyprus.
The top ten in the Global Competitiveness Report of the World Economic Forum remain the same as last time. Switzerland is once again first, followed by the USA up from third place, overtaking Singapore. The Netherlands, Germany, Hong Kong, and Sweden follow. Britain, Japan, and Finland complete the top ten.
The ranking is decided based on the statistical financial data of each country, as well as interviews with representatives of businesses and organisations.
Cyprus’ ranking was based on twelve pillars as follows: Institutions 51st, Infrastructure 30th, Macroeconomic environment 97th, Health and primary education 39th, Higher education and training 46th, Goods market efficiency 25th, Labour market efficiency 39th, Financial market development 108th, Technological readiness 32nd, Market size 109th, Businesses sophistication 55th, Innovation 53rd.