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Latvia climbs higher in competitiveness rankings

The World Economic Forum (WEF) released its 2014-15 Global Competitiveness Report Wednesday, ranking Latvia in 42nd place – ten spots higher than its placement in the index last year.

The data providing the basis for Latvia’s specific ranking come from the Center for Sustainable Development at Riga’s Stockholm School of Economics (SSE Riga), which is the WEF Index’s official partner here.

However, the Center’s director Arnis Sauka summarized some the report’s less sanguine findings.

“Among the problematic factors of Latvia’s business environment are an ineffective government bureaucracy, the follow-on effects in tax policy and enforcement, access to financing, corruption and a relatively poorly-educated workforce,” he explained.

Lithuania was ranked just ahead of Latvia on the WEF index, whereas Estonia occupied the relatively high 29th place, plowing ahead from its number 32 spot on last year’s list.

Switzerland and Singapore continue to take the top two positions on the WEF global competitiveness index, while the United States rose to third place ahead of Finland, Germany, Japan, Hong Kong, the Netherlands, the United Kingdom and Sweden as the remaining top ten nations ranked by the WEF as business competitors.

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