Baku, September 27, AZERTAC

Azerbaijan has moved up two spots to rank 35th in the Global Competitiveness Report 2017-2018 published by the World Economic Forum (WEF), Center for Analysis of Economic Reforms & Communications has told AZERTAC.

In the most authoritative international rating, Azerbaijan has maintained its leadership in the CIS, leaving behind three out of every four countries of the world. Azerbaijan has outclassed even G20 countries, including Italy, Russia, Indonesia, India, Turkey, and the South African Republic in the economic competitiveness index. According to the Global Competitiveness Report, Russia ranks 38th, Kazakhstan 57th, Georgia 67th and Armenia 73rd.

In the Global Competitiveness Report 2017-2018, Azerbaijan improved its position in 9 out of 12 pillars: Institutions (moved up 15 spots to rank 33rd), Infrastructure (moved up 4 spots to rank 51st), Health and Primary Education (moved up 1 spot to rank 74th), Higher Education and Training (moved up 10 spots to rank 68th), Goods Market Efficiency (moved up 19 spots to rank 31st), Labor Market Efficiency (moved up 9 spots to ranks 17th), Financial Market Development (moved up 18 spots to rank 79th), Business Sophistication (moved up 20 spots to rank 40th), and Innovation (moved up 11 spots to rank 33rd). Azerbaijan made the greatest advancement in Business Sophistication pillar - 20 spots.

In Infrastructure pillar, Azerbaijan`s transport system ranks 43rd among 140 countries. In Labor market efficiency pillar, Azerbaijan is the world`s number 17 in terms of the efficient use of talent, outclassing Israel, Ireland, Belgium, Austria and Estonia. In Goods market efficiency pillar, Azerbaijan ranks 32nd in Competition and 31st in Quality of Demand Conditions categories.

Azerbaijan`s position declined only in two pillars - Macroeconomic Environment and Technological Readiness. Despite the impact of external shocks, the country ranks 37th among 140 countries in Government’s Budget category. Azerbaijan also enjoys a strong position in Government`s Debt category - 43rd place. In Macroeconomic Environment pillar, Azerbaijan`s position declined in Inflation category.

The country`s position remained unchanged in Market Size pillar.

Although the Global Competitiveness Report 2017-2018 singles out structural problems as major global challenges, Azerbaijan ranks 33rd in the world in Institutions pillar. The report stresses the important role the financial system will need to play in facilitating investment in innovation related to the Fourth Industrial Revolution, hailing Azerbaijan`s strengthening position and the country`s moving up to the 33rd place. In high technologies sector, Azerbaijan ranks 14th in government supply indicator, outclassing the Netherlands, Norway and the United Kingdom. According to the report, Azerbaijan is one of the counties with the lowest social inequality indicator.

The advancement of Azerbaijan's position in the world's most authoritative rating points to the international community`s recognition of the policy of comprehensive economic reforms conducted by President Ilham Aliyev.

The Azerbaijani President's Order "On additional measures aimed at improving business environment and international rating of Azerbaijan" dated July 13, 2016 saw continuation of comprehensive work in this area in the country.

Azerbaijan has improved its legislation and administrative system to ensure optimal profitability of entrepreneurial activity and to create a business environment based on competitiveness principles, to increase investment attractiveness of the country, and to further improve Azerbaijan's position in international ratings. The monitoring and evaluation of the Strategic Road Map, which was approved by President Ilham Aliyev on December 6, 2016, also showed that Azerbaijan`s systematic economic policy line is yielding fruits.

Azerbaijan's moving up two places in the 2017-2018 Global Competitiveness Report shows that the country's position will improve in other authoritative ratings too.