Russia Rises to 42nd Place in IMD Rankings

Russia rose six steps to 42nd place in business school IMD's annual world competitiveness rankings published Thursday.

The Institute of Management Development bases its rankings on factors such as the state of macroeconomics, the quality of regulation and infrastructure, and business efficiency.

Russia was ranked along with 60 other countries and finished between Latvia and Peru, Kommersant reported.

In 2012, Russia was 48th out of 59 countries ranked by IMD, a global business school based in Switzerland.

In terms of its macroeconomic performance, which encompasses state finances and employment figures, Russia jumped 11 places. However, Russia's ratings for the other criteria showed no improvement.

Russia's public health conditions, its protection of information and lack of infrastructure innovation contributed negatively to the country's position.

The U.S regained the top spot in 2013, having come second last year, thanks to a "rebounding financial sector, an abundance of technological innovation and successful companies," the IMD said.

The breakthrough of the year was the UAE, which climbed from 16th to 8th place thanks to the efficiency of its public administration, Interfax reported.

The IMD Competitiveness Yearbook is reputed as being the worldwide reference point on the competitiveness of nations, ranking how an economy manages its resources and competencies to increase the prosperity of its population.

Read more