According to the world economies annual competitiveness rating, conducted by the International Institute for Management Development (IMD World Competitiveness Yearbook), Cyprus rose by 11 positions in 2020 and took 30th place out of 63 possible. The economies of the countries participating in the rating are evaluated in 33 categories, based on which conclusions are made as to what countries are the most competitive and most attractive for doing business. The top 10 countries of this year include Singapore, Switzerland, Hong Kong, USA, Canada, UAE and others.
In the 2020 ranking Cyprus improved performance in almost all categories. Experts noted an increase in state financial management and institutional base efficiency, attraction of foreign investment, improvement in the financial environment for doing business and employment situation, as well as increase in the efficiency of corporations activity.
It should be noted that the results of the rating are used by countries for government economy policy strategic planning and by large companies and corporations in their decision making.