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Azerbaijan Leader among CIS Countries for Competitiveness

Azerbaijan has retained first place in the competitiveness ranking among CIS countries, standing at the 40th place among 140 countries of the world, according to the Global Competitiveness Index at the World Economic Forum for 2015-2016.

Azerbaijan was given a competitiveness rating of 4.50.

"Azerbaijan scores highest in its region (40th), having weathered the recent crisis better than neighboring economies, yet it declines two places. It benefits from a strong macroeconomic environment (10th), characterized by low inflation and favorable public finances," the report said.

The country has also boasted a relatively efficient labor market, standing in 30th place.

The top three places in the GCI rankings are held by Switzerland, Singapore, and the U.S.

Azerbaijan was previously 38th among 144 countries in the 2014-2015 WEF ranking.

Azerbaijan has held a leading position among the CIS countries for six years. It is ahead of leading oil-producing countries like Russia (45th) and Kazakhstan (42nd place).

Azerbaijan has survived the 2008 global financial and economic crisis with minimal losses compared to other countries in the former Soviet Union.

In general, Azerbaijan has enjoyed significant economic growth since the late 2000s. The government has implemented social reforms that have increased government spending on assistance, established state programs to reduce poverty, and increased agricultural production.

Azerbaijan is one of the most economically stable counties of the region, despite it being locked into the Nagorno-Karabakh conflict, which deters investment in the region.

Meanwhile, besides maintaining macroeconomic stability, Azerbaijan should increase its innovative potential to expand the use of new high-tech equipment to strengthen its positions in the rankings in all indices.

Source: Trend

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