Cyprus was the highest climber in the 2020 IMD World Competitiveness Rankings, marking an improvement in all four categories that make up the overall ranking.
Cyprus finished 30th out of the total 63 countries, compared to 41 in the 2019 edition, marking an improvement of 11 places.
“Cyprus registered the largest improvement in the ranking among the 63 countries under evaluation in 2020,” the University of Cyprus' Economic Research Centre (ERC) announced, which along with Cyprus Employers and Industrialists Federation acted as Partner Institutes of the IMD World Competitiveness Center for the 2020 edition of the IMD World Competitiveness Yearbook.
Cyprus' position has improved in all four categories that make up the overall ranking, most notably in the categories of business efficiency and government efficiency, as well as in the category of economic performance, the ERC added.
According to the ERC, Cyprus' gains in the 2020 report are associated with the improvement in the country’s economic situation, particularly in the fields of employment and attracting investors, the improved performance in the efficiency of the state, mainly as regards public fiscal management, the institutional and business framework, the welfare state, the improvement in the efficiency of the corporations due to the reduction of corporate debt, the increase of the labour force and the improvements in the financial environment and business practices.