Cyprus climbed 19 places and now ranks 64th among 137 countries in the comparative table of economies publicised by the World Economic Forum, the “Davos Forum.” The ranking is decided based on the statistical financial data of each country, as well as interviews with representatives of businesses and organisations.The partners of the Forum in Cyprus, which took part in the study, are the European University of Cyprus and the Bank of Cyprus.
Cyprus’ ranking was based on twelve pillars as follows: Institutions 51st, Infrastructure 30th, Macroeconomic environment 97th, Health and primary education 39th, Higher education and training 46th, Goods market efficiency 25th, Labour market efficiency 39th, Financial market development 108th, Technological readiness 32nd, Market size 109th, Businesses sophistication 55th, Innovation 53rd.
The European University issued a press release in which Cyprus ranks 64th regarding the degree of the competitiveness of its economy. 34 other EU member states rank higher than Cyprus, while the top 10 countries in the Global Competitiveness Report of the World Economic Forum remain the same as last time. Switzerland is first, followed by the USA, Singapore, the Netherlands, Germany, Hong Kong, Sweden, Britain, Japan, and Finland.