Slovakia improves in Global Competitiveness Ranking

Reaching 59th place, Slovakia has moved up six positions in the latest 2016-2017 Global Competitiveness Report released by the World Economic Forum (WEF) on Wednesday, wrote TASR. As Slovak Business Alliance (PAS) executive director Peter Kremský said, the country's rating has been improving since 2014, when the country finished with its historically worst ranking - 78th. Conversely, Slovakia reached its best ranking - 37th place - during the time of economic reform in 2006. As TASR wrote, despite slight improvements, Slovakia is still one of the worst countries for business in the EU. "Slovakia's assessment has improved this year mainly in the Macroeconomic Environment and Technology Readiness pillars, in which we regularly belong to the best in the world. Unfortunately, in the categories of Quality Institutions and Level of Innovation we haven't made any progress," said Kremský. Entrepreneurs in Slovakia have traditionally considered corruption, state bureaucracy, tax rates, laws on taxes and levies, the labour market and unskilled workers as the biggest problems in the country.