Montenegro second most competitive country in the region, 67th globally

    Geneva, Switzerland (3 September 2014) – The Global Competitiveness Report 2014-2015 issued today by the World Economic Forum (WEF), ranks Montenegro 67th globally according to global competitiveness indicators, same as last year. This makes Montenegro the second most competitive country in the region according to the Report, after Macedonia (63rd). Switzerland is the most competitive economy in the world.

    Montenegro is placed in the second stage of development – efficiency-driven economies – which is higher than the first stage (factors-driven) and lower than third stage (innovation-driven).

    The most problematic factors for doing business in Montenegro, according to the Report, are access to financing, corruption, poor work ethic in national labour force, inefficient government bureaucracy, inadequate supply of infrastructure, insufficient capacity to innovate, and inadequately educated workforce.

    The Global Competitiveness Report’s competitiveness ranking is based on the Global Competitiveness Index (GCI), which was introduced by the World Economic Forum in 2004. Defining competitiveness as the set of institutions, policies and factors that determine the level of productivity of a country, GCI scores are calculated by drawing together country-level data covering 12 categories: institutions, infrastructure, macroeconomic environment, health and primary education, higher education and training, goods market efficiency, labour market efficiency, financial market development, technological readiness, market size, business sophistication, and innovation.

    Source: Government of Montenegro