Romania ranks 49th out of 61 countries included in the 2016 World Competitiveness Yearbook published by the IMD World Competitiveness Center in Lausanne, Switzerland. It lost two places compared to last year’s ranking when it stood at number 47.

Romania ranks better than countries such as neighboring Bulgaria (50), Greece (56), and Croatia (58), but is perceived as less competitive than Hungary (46), Slovenia (43), Poland (33), and the Czech Republic (27).

Meanwhile, the USA lost its status as the world’s most competitive economy, after leading the ranking for three years. The 2016 edition ranks China Hong Kong first, Switzerland, second and the USA third.

“The USA still boasts the best economic performance in the world, but there are many other factors that we take into account when assessing competitiveness,” said Professor Arturo Bris, Director of the IMD World Competitiveness Center.

Singapore, Sweden, Denmark, Ireland, the Netherlands, Norway, and Canada complete the top 10.

The World Competitiveness Yearbook has been conducted annually since 1989. It ranks and analyzes the ability of nations to create and maintain an environment in which enterprises can compete. Find the complete 2016 ranking here.

Romania moves up six places in the WEF Global Competitiveness Report

Irina Popescu, irina.popescu@romania-insider.com