articles | 23 November 2021 | ServPRO

Cyprus ranks 33rd in IMD World Competitiveness Ranking 2021

The IMD World Competitiveness Ranking is a worldwide reference point on the competitiveness of countries measured against a set of factors, including economic performance, Government efficiency, business efficiency, and infrastructure. In the rankings for 2021, Cyprus has positioned 33rd overall, with a notable 13th place in economic performance.

As anticipated, the 2021 rankings reveal that the ongoing Covid-19 pandemic has had a considerable impact on countries’ economies worldwide, but delineate the fact that investments in innovation, digitisation, welfare benefits and social cohesion have significantly contributed to economic performance and have helped countries better address the challenges presented through the pandemic.

In addition, the 2021 rankings include the findings from the Executive Opinion Survey, which lists Cyprus’ key attractive indicators to be the following, in order, from highest number of responses to the lowest: 

1.    Competitive Tax Regime

2.    High Level of Education

3.    Business-Friendly Environment

4.    Highly Skilled Workforce

5.    Policy Stability & Predictability

6.    Reliable Infrastructure

7.    Dynamism of the Cypriot Economy

8.    Cost Competitiveness

9.    Effective Labour Relations

10.    Open & Positive Attitudes

11.    Access to Financing

12.    Effective Legal Environment

13.    Strong Research & Development (R&D) Culture

14.    Governmental Competency

15.    Corporate Governance Quality

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