ASTANA (TCA) — Russia has led its partners in the Eurasian Economic Union (EEU) with the highest ranking among the group in the World Economic Forum (WEF) 2017-18 Global Competitiveness Report. Russia ranked 38th on the list of 137 countries rated in this year’s WEF report, while Kazakhstan was next at the 57th position on the Global Competitiveness Index (GCI), RFE/RL reported.
Other EEU nations ranked were Armenia, at 73, and Kyrgyzstan at 102. Belarus, also a member of the economic grouping, was not ranked.
Other countries ranked included Azerbaijan at 35, Georgia at 67, Iran at 69, Tajikistan at 79, Ukraine at 8, and Moldova at 89.
Switzerland topped the list, with the United States at no. 2. Singapore was third, the Netherlands came in fourth, and Germany ranked fifth.
The report noted Russia’s five-point improvement from the previous year, but cautioned that “its economy remains highly dependent on mineral exports and prospects remain uncertain.”
The report said that “weak links” include the financial market, particularly the banking sector; aspects of property rights; judicial independence; and corruption, “which remains one of the most problematic factors for doing business.”
The WEF said the index was based on “12 pillars” — institutions, infrastructure, macroeconomic environment, health and primary education, higher education and training, goods-market efficiency, labor-market efficiency, financial-market development, technological readiness, market size, business sophistication, and innovation.
