Azerbaijan ranks first among CIS countries according to the rating of the World Economic Forum
The World Economic Forum raised Azerbaijan from 40th to 38th position among 138 countries in its global competitiveness report over 2016 - 2017.
We must note in the first place that the World Economic Forum uses three sub-indexes when rating countries, which includes “ basic requirements”, “ efficiency enhancers”, and “innovation and sophistication factors”.
Following the report, Azerbaijan has been rated as the most competitive economy excluding CIS countries, Turkic states, and BRICS (except China). It was noted, in reference to the global competitiveness report 2016-2017, that despite the challenges in macroeconomic environment in Azerbaijan and Russian Federation as oil exporting countries against the background of dropping oil prices globally enhanced efficiency in entrepreneurship environment and trade sector due to the reforms carried out has positively influenced both countries’ economies. Further, the World Economic Forum has positively rated efforts taken by Azerbaijan to combat corruption as the most harmful factor for business environment.
According to the composition of sub indicators, Azerbaijan ranks 3 for procedures to start up business, time needed to start entrepreneurship activity 9, engagement of women in labor market 18, macroeconomic environment 39, investor security 36, Internet penetration among population 33, innovation activity 44, and public borrowings 41.
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