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articles | 15 June 2017 | ServPRO Accountants & Consultants

Cyprus ranked 37th in the IMD World Competitiveness Yearbook of 2017

The IMD World Competitiveness Center in Switzerland has recently published the IMD World Competitiveness Yearbook of 2017, in which Cyprus is ranked 37th out of 63 countries in terms of the competitiveness of its economy.

The evaluation and ranking of the economies is based on more than 340 criteria that are formed on the basis of official statistical evidence as well as evidence derived from an Opinion Survey amongst senior business executives in every country. The criteria are grouped into 4 categories: (1) Economic Performance: macroeconomic assessment of the domestic economy, (2) Government Efficiency: the extent to which government policies contribute to competitiveness, (3) Business Efficiency: the extent to which the domestic environment encourages businesses to operate in an innovative, productive and responsible manner, and (4) Infrastructure: the extent to which the basic, technological, scientific and human resources of the country cover the needs of businesses.

In relation to Cyprus’ Competitiveness Evolution, according to the Ranking, Cyprus has made significant improvements in the overall performance of its economy, especially in matters relating to tourism, the banking sector and direct investments.

Moreover, in the category of Economic Performance, Cyprus is ranked 28th out of the 63 countries, having a high ranking – 5th place – in the subcategory of international investments, whilst in the category of government efficiency, Cyprus is ranked 22nd out of the 63 countries, having a high ranking – 9th place – in the subcategory of taxation policy.

Furthermore, based on results provided by the Economics Research Centre at the University of Cyprus, the key attractiveness factors for Cyprus and its economy include, amongst others, Cyprus’ attractive and competitive tax regime, its high educational level and highly-skilled workforce, its business-friendly environment, the dynamism of its economy, and its effective legal environment.

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