Slovakia world’s 40th most competitive economy

Slovakia is the 40th most competitive economy from among the 61 countries evaluated in the 2016 World Competitiveness Yearbook released by the International Institute for Management Development in Switzerland. When it comes to economic developments, Slovakia has been performing better mainly in the spheres of employment and prices, while the Government's efficiency has been reflected in the better management of public finances. At the same time the state has worsened in the productivity of the business environment, international trade and investments. Infrastructure has brought better results only in technologies and web projects. "The main challenges faced by Slovakia include high taxes and payroll deductions, regional disparities and the related social problems, growing dissatisfaction with health care and education, and corruption", said F.A. Hayek Foundation analyst Martin Reguli. The world's most competitive country, according to the yearbook, is Hong Kong, followed by Switzerland and the United States.