The ranking of the Czech Republic's economy by the World Economic Forum's Global Competitiveness Index has improved by 9 positions when compared to the last year, from 46th to 36th place. The improvement has been noticed with 10 out of total 12 areas. On the other hand, weak performance in the area of innovations disappointed somewhat. Government bureaucracy, corruption and policy instability remain the biggest obstacles for making business in the Czech Republic.
Launched in 1979 by Klaus Schwab, Founder and Executive Chairman of the World Economic Forum, the Global Competitiveness Report has evolved over more than three decades into a complex report covering 144 countries now. The Global Competitiveness Report assesses the competitiveness of economies, providing insight into the drivers of their productivity and prosperity