MONGOLIA’S RANK IN COMPETITIVENESS REPORT 2014-2015

Ulaanbaatar /MONTSAME/ Mongolia's 98th place in the annual “The Global Competitiveness Report 2014-2015”, as the World Economic Forum (WEF) stated, is a quite success in contrast to the previous year’s 107th position among over 140 countries. The competitiveness index is well-recognized throughout the globe. Governments reflect the analysis of this report into their policies and actions. The index is based on 12 pillar indicators, namely: institution’s, infrastructure, macroeconomic stability, health and primary education, higher education and training, goods market efficiency, labor market efficiency, financial market sophistication, technological readiness, market size, business sophistication, innovation. Mongolia joined the competitiveness report in 2005. In the report of 2014-2015, Mongolia gained 3.8 points out of possible seven, showing 0.1 percent progress against the previous year, reported the WEF on Thursday. However, Mongolia constantly scoring 3.2-3.9 points does not show substantial growth in terms of competitiveness, said D.Oyunbadam, a manager responsible for economy of Open Society Forum. The factors holding up the business development include: bureaucracy and corruption in public sector, foreign exchange adjustments, lack of professional personnel, policy instability, lack of financial aid options. Moreover, insufficient implementation of recommendations from the report on certain indicators, such as institutions, infrastructure, financial and business sophistication, and technological readiness, is the main obstacle in improving the country’s competitiveness. Switzerland, Singapore, Finland, the USA, Germany and Japan took the lead in report this year.