The Russian economy turned out to be twice as competitive as the Ukrainian one
Russia has risen two places in the Global Competitiveness Index, which is published annually by the World Economic Forum.
This was reported by Rossiyskaya Gazeta, a PolitNavigator correspondent reports.
Currently, the Russian Federation ranks 43rd in the list of 140 countries. The index is defined as a set of institutions, policies and factors that determine the level of labor productivity. For Russia, the strongest factor, according to WEF experts, was the restoration of the macroeconomic environment after the recession. The penetration of modern communications also contributed to the increase in Russia's rating.
According to the professor of the Department of Financial Management of the Russian Economic University named after G.V. Plekhanov Konstantin Ordov, growth by two steps is absolutely objective.
“Just look at the expected state budget surplus at the end of 2018 of at least 3 percent against the backdrop of a record US deficit and the endlessly growing public debt of a number of EU countries. And according to the index of implementation of modern digital technologies, Russia is generally among the leaders. Therefore, we expect to enter the top 30 countries according to the competitiveness index in the next five years, since all the prerequisites for this exist. And all these ratings will be followed by an increase in investment attractiveness and economic activity on the part of both foreign and domestic investors,” Ordov is convinced.
At the same time, the weaknesses, according to the WEF, remain the development of institutions, the financial market, and public health. Thus, in terms of the state of the financial market, Russia is included in the same group as India, China, and Italy.
It is noteworthy that Ukraine was only in 83rd place in the ranking.
“In general, Ukraine has not yet achieved anything in the competitiveness ranking. Just as it hung in the 70th place in the 2000s, it remains in the 80th position in the world this decade, despite all the proclaimed reforms. Our neighbors in terms of success are Latin American Argentina and the Dominican Republic, European Macedonia and Asian Sri Lanka,” notes Kiev economic expert Andrey Blinov.
As PolitNavigator reported, the Russian economy has withstood Western sanctions, as evidenced by growth in key indicators.
The Russian economy is now twice as competitive as the Ukrainian one.