The IMD World Competitiveness Ranking is a worldwide reference point on the competitiveness of countries measured against a set of factors, including economic performance, Government efficiency, business efficiency, and infrastructure. In the rankings for 2021, Cyprus has positioned 33rd overall, with a notable 13th place in economic performance.
As anticipated, the 2021 rankings reveal that the ongoing Covid-19 pandemic has had a considerable impact on countries’ economies worldwide, but delineate the fact that investments in innovation, digitisation, welfare benefits and social cohesion have significantly contributed to economic performance and have helped countries better address the challenges presented through the pandemic.
In addition, the 2021 rankings include the findings from the Executive Opinion Survey, which lists Cyprus’ key attractive indicators to be the following, in order, from highest number of responses to the lowest:
- Competitive Tax Regime
- High Level of Education
- Business-Friendly Environment
- Highly Skilled Workforce
- Policy Stability & Predictability
- Reliable Infrastructure
- Dynamism of the Cypriot Economy
- Cost Competitiveness
- Effective Labour Relations
- Open & Positive Attitudes
- Access to Financing
- Effective Legal Environment
- Strong Research & Development (R&D) Culture
- Governmental Competency
- Corporate Governance Quality
The recently launched Action Plan for Companies to Operate & Expand their Activities in Cyprus 2022-24, which will come into effect on 1 January 2022, is expected to help boost Cyprus’ attractiveness in many areas intertwined with the above list, including business, employment, citizenship, immigration and residency, social insurance, tax incentives and tax exemptions.
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