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Austria ranks 22nd among world’s most competitive nations

June 23, 2014

Increasing performance and further reforms materialize in positive trend

Austria further improves its position in the World Competitiveness Ranking from rank 23 in 2013 to rank 22 in 2014. Austria’s economic performance has been rated particularly positive. Good scores for its quality of living, safety, political stability and educational system were achived, whereas factors such as public sector performance and budget, financing of the pension system and taxes ranked lower.

According to Christoph Schneider, Head of the Economic Policy Department at the Austrian Federal Economic Chamber, the good ranking reflects domestic companies’ motivation and commitment even under challenging and unsteady economic conditions. Schneider emphasizes that there is still need for improvement and that further structural and administrative reforms could improve criteria that scored low in the 2014 ranking.

The World Competitiveness Ranking is conducted annually by the Institute of Management Development (IMD) in Lausanne, Switzerland, and compares 60 different economies worldwide in terms of their competitiveness.