Azerbaijan significantly improves its position in Global Competitiveness Index

Azerbaijan climbed 11 steps in Global Competitiveness Index for 2019, published by the World Economic Forum on Wednesday.

Report informs that Azerbaijan ranks 58th with 62.7 points in the current study (adding 2.7 points).

Armenia takes the 69th position (61.3 points), while Georgia is on the 74th place (60.6 points).

Singapore leads the ranking. The top five also include the United States, Hong Kong (China), the Netherlands and Switzerland. A total of 141 economies are represented in the list.

Based on 12 indicators, the Global Competitiveness Index measures the countries ' readiness for the fourth industrial revolution.

Azerbaijan's presence in the top half of the rankings is noted for such indicators as "labor market" (21 vs. 40th place in 2018), "business dynamism" (23 vs. 31st  in 2018), "food market" (23 vs. 37), "infrastructure" (38 vs. 46 places), "skills" (48 vs. 54 places),"public institutions" (49 vs. 58),"market scale" (67 vs. 65 ),"innovative potential" (68 place vs. 71).

Azerbaijan ranked in the bottom half of the ratings in terms of competitiveness indicators such as “ICT potential” (73 versus 69 in 2018), “financial system” (96th place as last year), and Health (98 vs 91), "macroeconomic stability" (103rd place against 126th place).

Low inflation and low level of external debt in the country contributed to the improvement of Azerbaijan's indicators on the indicator "macroeconomic stability".