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IMD World Competitiveness Yearbook 2014

May 27, 2014

IMD, a business school based in Switzerland, has announced its annual world competitiveness rankings for 2014. As part of its ranking of 60 economies, the IMD World Competitiveness Center also looks at perceptions of each country as a place to do business. Czech Republic has come in at 33^th in 2014 and thus become the most competitive country of the Visegrad Group. The partner institution for IMD in the Czech Republic is think tank IDEA.

The Czech Republic has improved its position from 2013. Key attractiveness indicators are a skilled workforce, cost competitiveness, high education level, reliable infrastructure and effective labor relations.

According to the survey, economic weaknesses in the Czech Republic include high employer social security contribution rate, bureaucracy and corruption, and lack of transparency and effectiveness in economic policy.

Main challenges that the Czech economy is expected to face in 2014:

• Improving the efficiency and transparency of fiscal policy.
• Tapping sources of funding (including the EU).
• Improving allocation and debt stabilization without impacting economic growth.
• Fighting corruption and rent-seeking behavior.
• Improving energy security: increasing efficiency; and developing long-term strategies to diversify resources.
• Reforming labor market and education: efficient structure.
• Using available labor to accelerate economic growth.
• Finding new strategies for pension reform.

More information can be found at IMD webiste.