bnn.lv Latviski   bnn-news.com English   bnn-news.ru По-русски
Ceturtdiena 23.03.2017 | Name days: Mirdza, Žanete, Žanna
LatviaLatvia

Latvia loses two positions in Global Competitiveness Report

FaceBook
Twitter
Draugiem
print
(No Ratings Yet)

Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUIn the World Economic Forum’s published Global Competitiveness Index Report 2015-2016, Latvia is on the 44th place among 130 surveyed world economies. Compared with last year, Latvia’s position has worsened.

Lithuania is on the 36th place in the Global Competitiveness Index (41st in 2014). Estonia, which was on the 29th place last year, is now on the 30th place.

Similar to 2014, Switzerland remains in the lead, followed by Singapore and USA. Germany is on the 4th place. Finland, which remained on the 4th place in 2014-2015 index, is now on the 8th place. The Top 10 consists of Netherlands, Japan, Hong Kong, Sweden and UK.

Global Competitiveness Index is based on a comparative analysis of countries in accordance with 12 groups of criteria: institutions, infrastructure, macroeconomic environment, health and primary education, higher education and training, product market efficiency, labor market efficiency, financial market development, technological readiness, market size, business environment quality and innovation.

Dr. Arnis Sauka, Director of SSE Riga Sustainable Business Centre, says «Latvia has made progress in areas like labour market efficiency (in which Latvia now holds 25th place) in comparison with the previous year. This index’s ‘wage flexibility’ component is on the 2nd place worldwide. Components like ‘proportion of men and women on the labour market’ and ‘wage and productivity proportion’ are on the 21st and 23rd place respectively».

Sauka says that, unfortunately, a number of labour efficiency indexes have gotten worse. «For example, ‘state’s ability to attract talents’ is on the 110th place; ’state’s ability to retain talents’ – on the 104th place; ‘tax system’s ability to motivate workers’ – on the 107th place worldwide. Even if we say that the applied methodology does not guarantee an objective reflection of how things are, it is clear these are very problematic matters for Latvia. They should be addressed on the highest level,» – explains the expert.

Similar to last year’s results, Latvia’s accomplishments have been noticed in areas like ‘market size’ (94th place), ‘innovations’ (62nd place) and ‘business environment’ (61st place). According to Sauka, Latvia’s traditional problem lies with the ‘innovations’ pillar: the global report states the country’s main problems lie in ‘availability of engineers and scientists’ (101st place), ‘procurement of high technologies by the state’ (100th place), ‘enterprises’ investments in research and development’ (81st) and ‘cooperation of universities and businesses in research’ (63rd place). ‘Quality of scientific research institutions’ is rated relatively low (50th place). ‘Number of patents per million residents’ is on the 32nd place in Latvia, which is fairly good.

In addition to 12 main pillars, experts also evaluated factors that create the most serious problems for doing business in Latvia. According to Sauka, the main problematic factors in Latvia include: tax rates, inefficient government bureaucracy, access to financing, tax regulatory complexity, inadequately educated workforce and unstable policy-making practice.

Ref: 102.109.109.1413


Leave a reply

Officials support Finance Ministry’s proposals for medium-term tax strategy

At the 22 March meeting of the National Economy Council, members of the parliament decided to conceptually support Finance Ministry’s proposals for medium-term tax strategy.

Ameriks received nearly 200,000 euros from fast loan companies in interest pay

Vice-Mayor of Riga Andris Ameriks received income of nearly 200,000 euros in interest pay from fast loan companies 4finance and Mogo last year, according to the declaration for 2016 submitted to the State Revenue Service.

Estonia to reduce availability of plastic bags in shops

Having passed amendments to the Estonian «Packaging Law», the Riigikogu has adopted a plan to reduce the use of plastic bags in the Baltic country over the coming years.

Latvian businesses in Japan to be provided with stable tax payment regime

Latvia businesses working in Japan will be provided with a stable tax payment regime that will not be influenced by amendments to Japan’s tax regulations, as stated in Saeima’s report.

Multiple parties to gather in a single candidate list to compete with Lembergs

Latvian Association of Regions, National Alliance, For Latvia’s Development and Unity will start at municipal elections in Ventspils under a single candidate list, said the leader of this unified list Girts Valdis Kristovskis in an interview to Latvijas Avīze.

Reirs: ministry’s offered tax reform will change nothing for most pensioners

Finance Ministry’s offered tax reform will add only slight changes. Most pensioners will not feel any changes from this reform – neither good, nor bad, said Welfare Minister Janis Reirs in an interview to Rīta panorama.

Canadian ambassador: Latvia and Canada are closer than ever before thanks to CETA

«All Latvian exporting companies – those that already export goods to Canada and those that consider doing that – will benefit from the Comprehensive Economic and Trade Agreement,» says Foreign Affairs Ministry’s parliamentary secretary Zanda Kalnina-Lukasevica.

Expert: cargo transports through Iran offer a major step for international logistics market

Over the course of nine months, since Latvian logistics company Pro Logistic Services opened an office in Iran, the volume of cargoes and the number of serviced clients has grown by 15%.

Eastern Hospital’s Gynaecology Clinic to be provided with 500,000 euros to reduce queues

Riga Eastern Clinical University Hospital’s Gynaecology Clinic will be provided with funding of EUR 513,622 from the state budget to help reduce queues.

In pictures: Victims of Brussels’ terror attacks remembered in first anniversary

Remembering those killed and injured in last year’s terror attacks, remembrance events are held on Wednesday, March 22, in the Belgian capital.

Fourteen asylum seekers relocated from Greece to Latvia

As part of the European asylum-seeker resettlement programme, fourteen people in need of international protection were relocated from Greece to Latvia, as confirmed by a representative of Office of Citizenship and Migration Affairs.

Fiat Chrysler investigated over alleged breaking of emissions tests

French investigators have opened a probe into possible emissions tests breaking by the Italian-American car builder Fiat Chrysler Automobiles in relation to its diesel cars.

National Alliance does not support increased ticket prices in Riga shuttle buses

On Tuesday, 21 March, Riga City Council’s faction of the National Alliance voted against Transport Department’s proposal to set one ticket price for Rīgas mikroautobusu satiksme shuttle bus services – EUR 1.15.

Visitors will be allowed to take photos of documents stored in National Archive

To simplify the use of documents stored in Latvia’s National Archive, visitors will be allowed to take photos of documents for research and personal purposes, announces Culture Ministry.

Rimi Baltic commences construction of a major logistics centre in Riga

Rimi Baltic has commenced construction of a retail trade industry project in Riga. This project will attract investments of EUR 75 million and make Latvia a Baltic logistical hub, as BNN was informed by the project’s representatives.

EC motivates cities to switch to «smart» street lighting

Town and city governments in the European Union spent a total of around 7.6 billion euros on public street lighting in 2015, but the expenditure could be reduced by even 70% if local governments are willing to invest considerably in new lighting.

CC: largest amounts of Latvian milk are exported to Lithuania and Poland

After assessing the situation on the market after last year’s publicly voiced announcements regarding the possible price rise on dairy products, Latvia’s Competition Council has concluded – the price rise noted in the second half of 2016 was only temporary and is not expected to continue.

LMT installs the first mobile 5G connection station in Latvia

Latvijas Mobilais Telefons has installed the first 5G technologies compatible mobile communications station in Latvia, as confirmed by the company.

Kerry: Latvia has multiple advantages when compared with other countries

Latvia is an attractive place for investments. It has a great potential for foreign investments, comments U.S. Secretary of State John Kerry, who arrived in Riga this week to learn more about the situation in Latvia and consider investment options.

Prosecutors: information was leaked to the accused in Oligarchs case

The criminal process in the so-called Oligarchs case was launched by the Corruption Prevention and Combating Bureau with good reason, but it was ended abruptly because of lack of evidence. On top of that, information was leaked to the accused, as Diena was told by the prosecution’s representatives.

Modernising EU VAT – priority of Estonian EU Council presidency

Estonian Minister of Finance Sven Sester has stated that a priority of this year’s upcoming Estonian presidency at the Council of the European Union will be changing of the bloc’s value-added tax.

Latvian authorities help intercept major marijuana shipment in Mediterranean region

During a joint operation by Latvian and other EU navy and air forces, three high-speed crafts attempting to transport nearly three tonnes of marijuana were caught in the Mediterranean region.

Tuberculosis infection rates in Latvia remain some of the highest in EU

Tuberculosis infection rates in Latvia continue to decline. Nevertheless, specialists say that Latvia’s indexes remain some of the highest in the European Union, as reported by Centre for Disease Prevention and Control.

Cigane: Latvia is co-responsible for Eurozone’s economy; reforms are needed

«Latvia, as a Eurozone member state, is co-responsible for the economic situation in the European Union. We cannot afford to sleep on the laurels of rapid growth started in post-crisis years. Latvia has to be responsible in the realization of recommendations provided by the European Commission,» says chairperson of Saeima’s European Affairs Committee Lolita Cigane.

French presidential candidates defend opposing views in TV debate

With the April French presidential election nearing, two leading candidates of the post have positioned themselves in a televised debate.