Bulgaria retains its position in the 2022 edition of the World competitiveness ranking of IMD-Switzerland
The Bulgarian Chamber of Commerce and Industry informs that in 2022 Bulgaria is once again one of the 63 countries surveyed in the World Competitiveness Report (WCR) of the Institute for Management Development (IMD).
The overall results of this year’s World Competitiveness Ranking show that inflationary pressures are having a greater impact on businesses – and therefore on the competitiveness of national economies – than concerns about greenhouse emissions and socio-economic disparities.
In 2022, Bulgaria ranks again 53rd amongst 63 participants from all over the world. This shows a certain level of economic stability especially having in mind the huge health, economic and political challenges the country is facing.
Bulgaria recorded a decline with five positions compared to 2020 (48th) and fifteen positions compared to 2009, when it was ranked 38th.
According to the 2022 World Competitevenss Ranking, the geopolitical disruption and rising inflation, driven by energy costs due to the Russia - Ukraine conflict, the post-COVID consequences, the inconsistent energy and climate policies, confrontation between the Executive and the Judiciary, the lack of credible anticorruption enforcement and the limited investment in R&D and innovation are the main obstacles the Bulgarian economy faces in 2022.
Bulgaria ranked notably higher in the subcategories for Economic Performance and Government Efficiency, with a ranking of 7th place in Prices, 19 th in International Trade and 20 th in Tax Policy. 57,4 % of the surveyed Bulgarian managers answered that one of the key factors that make Bulgarian economy attractive is the Access to financing. Among the other key factors highlighted by the interviewees are: Skilled workforce (49,2%) and Costs competitiveness (49,2%).
Bulgaria ranks the lowest in its economic performance under the criteria for Domestic Economy and International Investments (60th place) and in the category Business Efficiency, where it ranked 61st for Labour Market and 59th for Management Practices.
It is important to note that Bulgaria is improving its overall performance in terms of Infrastructure (51st), climbing 3 positions up in the ranking in 2022. Despite the slight change in the performance, Bulgaria continues to face many opportunities to improve infrastructure, especially in the technology sector and in vital areas of science and education.
Through a combination of hard data – 333 competitiveness criteria selected as a result of comprehensive research using economic literature, international, national and regional sources and feedback from the business community, government agencies and academics – and survey responses from senior executives, collected from 56 local Partner Institutes, this year WCR assessed 63 economies’ competitiveness performance.
The BCCI became an official partner of the IMD-Switzerland in 2021. The Chamber is directly contibuting to the overall economy survey by selecting Bulgarian companies and organizations to take part in it.
The International Institute for Management Development (IMD) is an independent academic institution, founded more than 75 years ago by business leaders for business leaders. Based in Lausanne (Switzerland) and Singapore, IMD has been ranked in the Top 3 of the annual FT’s Executive Education Global Ranking for the last 10 consecutive years and in the top five for 18 consecutive years. The IMD’s MBA and EMBA programs have repeatedly been singled out among the best in Europe and the world.
The IMD World Digital Competitiveness Ranking 2022 will be released on 28 September 2022.
The IMD World Talent Ranking 2022 will be released on 8 December 2022.
To receive more detailed information about the IMD Yearbook and Bulgaria’s overall performance, click HERE.
To directly order the IMD World Competitiveness Yearbook 2022, click HERE.