OREANDA-NEWS. September 12, 2014. Latvia has by ten positions improved its ranking in the Global Competitiveness Index and now is in 42nd place. Most recent data were announced at the World Economic Forum this week when the annual Global Competitiveness Report 2014-2015 was presented.

Last year Latvia ranked in 52nd place.

“I am delighted that the Global Competitiveness Index shows Latvia’s development – our progress by ten units is an achievement. However, the Report also indicates the same problems we faced previously. The Government is currently working on reforms aimed at making public administration more efficient, thus reducing the administrative burden on businesses. Another priority is promotion of a knowledge-based society in order to encourage innovative products possessing a high added value”, emphasised Prime Minister Laimdota Straujuma.

In comparison with the other Baltic States Latvia lags behind Estonia (29th place) and Lithuania (41st place). Significantly, Latvia competitiveness is admitted stronger that the position of Poland, Italy and Slovenia.

A key driver of strong competitiveness is investment in talents, skills and innovation. The Report is based on both quantitative and qualitative indicators: two thirds refer to statistics and facts while one third – to general understanding of the situation and processes in the respective country.