Turkey is the 45th most competitive market out of the world’s 148 most important economies, according to the 2013-2014 Global Competitiveness Report by the World Economic Forum (WEF).
Six European countries dominated the top 10 places of this year’s GCR, namely Switzerland in first place, as well as Finland, Germany, the Netherlands, the United Kingdom and Sweden.
The WEF said that while the macroeconomic environment in Turkey, which was ranked 44 last year, has deteriorated slightly, the situation remains better than in many other European economies.
“Turkey’s vibrant business sector derives important efficiency gains from its large domestic market, which is characterized by intense local competition,” commented the WEF report. “Turkey also benefits from its reasonably developed infrastructure, particularly roads and air transport, although ports and the electricity supply require additional upgrading.
“In order to further enhance its competitiveness, Turkey must focus on building up its human resources base through better primary education and healthcare and higher education and training, increasing the efficiency of its labour market, and reinforcing the efficiency and transparency of its public institutions.”
The GCR measures the commercial dynamics of each country’s economy according to its institutions, infrastructure, macroeconomic environment, health and primary education, higher education, goods market efficiency, labour market efficiency, financial market development, technological readiness, market size, business sophistication and innovation.
Meanwhile, in further good news for foreign investors in Turkey, the country’s exports rose 5.2 per cent year-on-year last month, reaching the $11billion mark and breaking a republic record, according to recent Turkish Exporters Assembly (TİM) figures.