September 9th, 2011

Weak institutions, lack of rule of law drag on Russian competitiveness

Russia’s economy has become less competitive in the last year thanks to “deterioration in…the quality of institutions, labor market efficiency, business sophistication and innovation” according to the World Economic Forum.

WEF’s Global Competitiveness Report for 2011-2012 ranks Russia no. 66, while other emerging economies, including the BRICS, made gains on developed markets.

The report also cited problems with the rule of law, the judiciary and the protection of property rights as major concerns.

To read the full report, visit: http://reports.weforum.org/global-competitiveness-2011-2012.

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