Azerbaijan `most competitive` S Caucasus economy
Azerbaijan is the most competitive country in the
South Caucasus region, according to the World Economic Forum (WEF)
global competitiveness report 2009-2010.
Azerbaijan ranked 51st among 133 countries, an improvement from the 69th ranking in the previous rating. Georgia ranked 90th and Armenia 97th in the competitiveness rating, which builds on feedback from 13,000 businessmen.
The WEF pointed out that macroeconomic stability has advanced in Azerbaijan to the 27th ranking. The country`s national reserves and budget are growing, while its state debt is insignificant, but inflationary increases raise concerns.
On the labor market situation, Azerbaijan advanced from the 34th to the 13th ranking.
According to the report, the procedures on business start-up have been reduced from 13 to six, and the time required to start a business - from 30 to 16 days.
Nonetheless, the WEF said quite a few challenges are still facing entrepreneurs in Azerbaijan, with corruption being the most serious problem. Respondents cited corrupt practices as a hurdle to doing business among 15 key factors, with 19.6 percent of respondents terming them as the biggest problem.
The lack of skilled workforce, high taxes and red tape are also seen as serious issues.
The rating is compiled based on statistics and interviews with company executives. The index was created for the WEF by Columbia University professor Xavier Sala-i-Martin in 2004.
Switzerland topped the rating, displacing the United States from the position as the world`s most competitive economy due to financial woes and weakened macroeconomic stability in the U.S. Following the two countries in the top five are Singapore, Sweden and Denmark. Finland ranked 6th and Germany 7th.
China was rated 29th,while India 49th. Russia`s competitiveness declined to 63.
Brazil, India and China improved their competitiveness despite the crisis, the report found.
Burundi and Zimbabwe were rated as the least competitive economies in the world.
Azerbaijan ranked 51st among 133 countries, an improvement from the 69th ranking in the previous rating. Georgia ranked 90th and Armenia 97th in the competitiveness rating, which builds on feedback from 13,000 businessmen.
The WEF pointed out that macroeconomic stability has advanced in Azerbaijan to the 27th ranking. The country`s national reserves and budget are growing, while its state debt is insignificant, but inflationary increases raise concerns.
On the labor market situation, Azerbaijan advanced from the 34th to the 13th ranking.
According to the report, the procedures on business start-up have been reduced from 13 to six, and the time required to start a business - from 30 to 16 days.
Nonetheless, the WEF said quite a few challenges are still facing entrepreneurs in Azerbaijan, with corruption being the most serious problem. Respondents cited corrupt practices as a hurdle to doing business among 15 key factors, with 19.6 percent of respondents terming them as the biggest problem.
The lack of skilled workforce, high taxes and red tape are also seen as serious issues.
The rating is compiled based on statistics and interviews with company executives. The index was created for the WEF by Columbia University professor Xavier Sala-i-Martin in 2004.
Switzerland topped the rating, displacing the United States from the position as the world`s most competitive economy due to financial woes and weakened macroeconomic stability in the U.S. Following the two countries in the top five are Singapore, Sweden and Denmark. Finland ranked 6th and Germany 7th.
China was rated 29th,while India 49th. Russia`s competitiveness declined to 63.
Brazil, India and China improved their competitiveness despite the crisis, the report found.
Burundi and Zimbabwe were rated as the least competitive economies in the world.
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