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The Corporate Slowdown
The analytical group of World Economic Forum has released The Global Competitiveness Report 2007-2008. The United States has skipped five positions to top the list instead of Finland, Russia has made a step upwards and ranks number 58. The low grade of corporate management is the key problem of Russia’s economy, the WEF analysts concluded for the first time.
WEF releases its Global Competitiveness Report each year starting from 2004. The yesterday’s edition calls the United States the country of most competitive economy amid 131 states. The Top 10 list also includes Switzerland, Denmark, Sweden, Germany, Finland, Singapore, Japan, Britain and the Netherlands.
Russia has climbed from the 59th position to the 58th one, having scored 4.19 vs. 4.07 in 2006. Its neighbors in this year’s rating are Croatia and Panama. Russia rates well-above all CIS members, but drags behind China (34) and India (48).
To compile the Global Competitiveness Report, WEF analysts interrogated over 11,000 big businessmen of 131 countries of the world, including 500 from Russia. Despite sizeable economy and improved quality of macroeconomic management, Russia ranks much below other major countries of Europe in terms of economy competitiveness. The key factors that give rise to concern are poor efficiency of government, lack of independence at judicial service and general agitation about the government’s favoritism in respect of the private business.
The extent of the property right protection isn’t high here either and the situation continues to aggravate. Another problem is extremely low competitiveness of Russia’s companies. Russia rates no higher than number 120 in terms of the corporate ethics development.
www.kommersant.com
All the Article in Russian as of Nov. 01, 2007
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