As of 2017, Cyprus is the 64th most competitive country in the world, according to the Global Competitiveness Report issued by the World Economic Forum.
Popularly known as the Davos Forum in Cyprus, the international institution announced that the island country climbed 19 places and to gain its current rank as 64th among 137 countries all over the world in the comparative table of economies, and the 25th among European Union member states. For a country that has suffered much throughout its history, that surely does signify a considerable amount of progress.
The study was of course, conducted by the World Economic Forum, with the Bank of Cyprus and the European University of Cyprus acting as its partners within the country.
According to a press release that was issued by the European University of Cyprus, the island country ranks 64th as regards the extent of competitiveness of its economy.
The top ten players in the World Economic Forum’s Global Competitiveness Report, however, remains exactly as they were last time, with one minor difference. Switzerland was once again at the top of the list and the USA took second place, overtaking Singapore which slipped down one place. Close on its heels are The Netherlands, Germany, Hong Kong, and Sweden, followed by Britain, Japan, and Finland – all of which make up the top ten.
The ranking was decided on the basis of every country’s statistical financial data, along with in-depth and insightful interviews that were conducted with organizations and with representatives of various businesses.
The rank awarded to Cyprus’ was based on the following “twelve pillars”: Goods market efficiency (25th), Infrastructure (30th), Technological readiness (32nd), Health and primary education (39th), Labor market efficiency (39th), Higher education and training (46th), Institutions (51st), Innovation (53rd), Businesses sophistication (55th), Macroeconomic environment (97th), Financial market development (108th), Market size (109th).