Albania Improves on WEF’s Global Competitiveness Rankings

TIRANA, September

Albania is the most competitive country in the region based on the fact that it ranks at number 75 in the Global Competitiveness Report 2017-2018 of 137 countries issued by the World Economic Forum (WEF). This year, Albania improved by five places and according to WEF, it has the highest score compared to the other countries of the region. However, Macedonia is not part of this year report due to insufficient data.
The analysis includes a total of 16 problematic factor for doing business. From the list of these factors, CEO survey respondents were asked to select the five most problematic.
Based on the details provided by the report, the five most problematic factors for doing business in Albania are tax rates, corruption, access to financing, tax regulations, and inefficient government bureaucracy. What can be noticed in this year ranking compared to 2016 is that the two first factor switched places. In 2016 corruption was first, followed by tax rates.

Meanwhile, even the other countries of the region rank tax rates in Serbia, access to financing in Montenegro, and inefficient government bureaucracy in Bosnia and Herzegovina.
According to the report Switzerland, the US, Singapore, the Netherlands, and Germany are the world’s five most competitive economies.
The Global Competitiveness Index has been measuring the factors that drive long-term growth and prosperity for over four decades, helping policymakers identify challenges to be addressed and strengths to build on when designing the economic growth strategies for their countries.

News Source/ Photo Credit: WEF