Baku, Azerbaijan, Sept. 5 /Trend/
Ellada Khankishiyeva, Trend Analytical Center Head
Azerbaijan's leading position in the Global Competitiveness Report 2012-2013 of the World Economic Forum (WEF) is the best proof of the country's economic success in the global arena.
According to the rating, Azerbaijan became one of the most competitive economies of the world and held 39th place among 148 countries. For comparison, last year Azerbaijan held 46th place among 144 countries.
Impressive progress by seven levels was possible thanks to the obvious progress in many Competitiveness Index indicators. The country's leadership in macroeconomic stability in WEF rating is a deserved evaluation.
According to this indicator, Azerbaijan is in the top 10 standing eighth, having improved its position by 10 levels. In cases of global economic crisis, Azerbaijan's economy continued to demonstrate sustainability and high growth potential.
In particular, the positive situation is characterised with such indicators as the highest level of national savings, budgetary surplus, low level of state debt and inflation.
Over the past year the level of efficiency of the country's markets, especially labour and goods was improved.
For the effectiveness of the labour market Azerbaijan's economy holds 30th position in the ranking, characterised by high flexibility.
For instance the country has improved the indicators for employment and dismissal (eighth place), which was possible thanks to the improved employment of public servants who sat test examinations.
An obvious progress is also observed in the indicators of the technological level. The report said that an increase by 11 positions was possible thanks to reaching 14th place in terms of purchases of advanced technology products by the government.
The indicator of the financial market has increased by 10 positions in comparison with last year due to the stable development of the banking sector in crisis conditions and the development of non-cash payments in the country.
The Global Competitiveness Index is a tool designed to analyse and show a country's strong and weak traits of its national economies, thus contributing to the right decision making in the future.
If we look at the success factors of the leading countries that occupy the top places in the ranking list, then we can see that the strength of economies of these countries lies in major investments in scientific researches and development and close cooperation between the academic community and business sector which provides the transformation of ideas into new products and processes.
Therefore, the reinforced reforms in this sector in Azerbaijan will allow the country's economy to become one of the most competitive in the world.
In total the impression from the results as demonstrated by Azerbaijan's economy over 2013 is very positive. The yearly progress in such an authoritative ranking which is being paid great attention to by world business circles, contributes to the recognition of Azerbaijan's economic opportunities by the wide range of potential investors wishing to build a business in this country on a long term basis.