Romania climbed three seats in the 2021 edition of the IMD World Competitiveness Ranking compiled by the Institute for Management Development in Switzerland, reaching 48th place out of the 64 countries analyzed.

The performance was propelled by the broad economic performance (given the country's relative resilience to the crisis) and the government efficiency - which improved above the average (by five places).

Interestingly, the country's performance in terms of infrastructure lost ground when compared to peers - but still, Romania ranks in line with the average (44th seat) in terms of infrastructure being dragged down by the 'business efficiency' criteria (52nd place, despite the 2-seats gain versus 2020 edition).

The IMD ranking is based on statistical data for 2020 and information obtained in 2021 through the annual opinion poll in the business environment.

The IMD World Competitiveness Ranking, produced annually by the IMD World Competitiveness Center, ranks 64 economies via a mixture of hard data and survey responses from executives. It considers several factors, including economic performance, government efficiency, business efficiency, and infrastructure.

In the case of Romania, this year's evaluation shows increases in "economic performance" (40th place - up 6 places compared to 2020), "government efficiency" (44th place - up 5 places compared to 2020), and "business efficiency" (52nd place - climbs 2 places compared to 2020). In terms of "infrastructure," Romania loses 1 spot in 2021 compared to 2020, reaching the 48th position.

At a regional level, the highest increases in competitiveness in Europe were boasted by Slovakia (which rises 7 positions in 2021), Hungary (up 5 positions in 2021), Sweden (rises 4 positions in 2021 following the leader), Luxembourg, France, Latvia, Italy, Greece, and Romania (all climbing 3 places in 2021), according to a statement from CIT-IRECSON, IMD's partner for Romania.

The ranking of countries in terms of competitiveness is led by Switzerland, Sweden, Denmark, and the Netherlands, Europe occupying half of the top 10 in the IMD World Competitiveness Ranking.

iulian@romania-insider.com

(Photo source: Dreamstime.com)