GENEVA, Sep 27 (PRIME) -- Russia has moved to the 38th position from 43rd of the Global Competitiveness Index 2017-2018, released by the World Economic Forum (WEF) on Wednesday.
“The Russian Federation improves five positions, mostly driven by the macroeconomic environment, rebounding strongly from the 2015–16 recession. However, its economy remains highly dependent on mineral exports and prospects remain uncertain,” the report read.
Weak links continue to include financial markets, in particular the banking sector, along with property rights, judicial independence, and corruption, which remains one of the most problematic factors for doing business, the organization said.
Russia has passed new laws to increase the minimum wage and protect temporary employment, which have lowered labor market flexibility, but may have a beneficial overall effect by restoring domestic purchasing power, which had been hit by inflation and the weak ruble, it added.
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