22nd May 2014

Czech competitiveness improved according to the IMD institute

The Czech Republic managed to improve its standing in prestigious competitiveness ranking created by Swiss IMD institute. It improved its standing by two places to 33rd place out of 60 measured observed countries. The Czech Republic is thus back where it was in 2012 but there is still much room for improvement. For now the Czech Republic is not only behind such countries as the USA, Switzerland or Singapore but also behind Kazakhstan which placed 32nd. One of the major setbacks for Czech competitiveness still perceived by IMD is inefficiency of government while it is normally one of the greatest pros for small economies such as Switzerland. According to the Radek Špicar, vice-president of Confederation of Industry of the Czech Republic, public sector is still behind private sector that is fully comparable to those of other countries. Economist Michal Mejstřík adds that there are made tens of strategies that are not connected. He also adds that in this respect we could learn from countries like Spain or Portugal. However, “there is no universal blueprint” warned IMD ladder creator Arturo Bris.

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Members of the American Chamber of Commerce in the Czech Republic