Portugal has moved up six places to 33rd, in the IMD World Competitiveness Centre's ranking of the most competitive economies in the world.After two years in 39th place among the 63 countries listed, the Portuguese economy has shown the best improvement among its Western European neighbours, according to the Porto Business School which helped in the survey.
The result for Portugal came after analysing the four key indicators; economic performance (up nine positions), government efficiency (up six), business efficiency (up 13) and infrastructures (up one).
The key factors that have contributed most to the nation's rosy economy’s profile were; cost competitiveness, skilled workforce, infrastructure quality, open mindedness and positive attitude and a high level of education.
The IMD World Competitiveness Center report also looked at challenges facing the Portuguese economy and highlighted the need to reduce public debt and run at a permanent surplus, the need for further stability in the banking sector and agreement on an education policy oriented towards science, technology, engineering and mathematics.
The institute warned that labour reforms are still needed, as is a reduction in bureaucracy and an improvement in the efficiency of the creakingly slow judicial system.
In first place is the United States (up from second last year), followed by Hong Kong, Singapore, Holland and Switzerland.
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