WEF's rating this year better reflects Latvia's competitiveness

The rating of Latvia on the global competitiveness index, drawn by the World Economic Forum, this year better reflects the actual situation regarding Latvia's competitiveness as more businesses joined the index drawing procedures, said Latvian Economics Institute director Raita Karnite. Latvia's Economics Institute is the partner of the WEF in Latvia, gathering in Latvia information for the WEF, needed for drawing the competitiveness index. Karnite said that two years ago just some 30 companies provided answers to WEF's questions needed to draw the index while this year some 100 businesses joined the polling, which is an optimal amount and allows to assess the index as better confirming to the actual situation. Latvia has ascended to 37th place on the world's competitiveness index this year from the 43rd place last year, making one of the steepest rises over a year. Estonia ascended to 22nd place from the 27th place last year, and Lithuania was 40th, down one step from the last year. The world's most competitive state is Finland, followed by the United States and the third was Sweden.