Cyprus ranks 44th in the WEO Global Competitiveness Report for 2019

Cyprus ranked 44^th in the World Economic Forum’s Global Competitiveness Report for 2019, marking a marginal increase in its total score.

Singapore ranked 1^st out of 141 countries, overtaking the USA which fell to No 2.

The index is organised into 12 pillars, reflecting the extent and complexity of the drivers of productivity and the competitiveness ecosystem, the report said. These are institutions, infrastructure, ICT adoption; macroeconomic stability, health, skills, product market, labour market, financial system, market size, business dynamism and innovation capability.

Cyprus ranked 44^th, the same position as in last year’s report with a total score of 66.5 points, 0.8 points more compared with its previous performance.

In the pillar of institutions, Cyprus ranked 31^st, marking an improvement compared with its 37^th position last year, while in the pillar of infrastructure Cyprus declined to the 48^th position compared with the 43^rd last year, all though total score in the second pillar remained at the same levels. Cyprus marked a significant deterioration in the pillar of ICT adoption falling to the 58^th position from the 33^rd last year, wits its total score declining to 62 from 68.8.

In the pillar of macroeconomic stability Cyprus climbed to the 43^rd spot from 63^rd last year with a total score of 90 points compared to 78.9 the year before, while in health Cyprus jumped in the 13^th place from 26^th last year mainly owing to the introduction of the national health scheme.

In the pillar of skills, Cyprus lost gained one spot climbing in the 32^th place from 33^rd last year with total score marking a marginal improvement. Cyprus’ position in the pillar of product market declined in the 33^rd place from 26^th in last year’s report.

In labour market, Cyprus dropped to the 35^th position from 28^th last year with total score declining to 66.1 from 66.9 last year.

Cyprus recorded significant improvement in the pillar for the financial system, securing 76^th place from 95^th last year, with total score rising to 58.2 points from 53.3 in previous report.

With regard to market, size, Cyprus remained at the 110^th place, the same as last year with a marginal improvement in the overall score.

According to the report, Cyprus lost three positions in the pillar of business dynamism, raking 37^th while in the pillar of innovation capability Cyprus gained two positions securing the 43^rd place.

(Cyprus News Agency)