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News // Markets & Stocks

Russia Has Low Competitiveness in Europe

01 November 2007 , 11:17394
Russia given low competitiveness ranking despite growing economy , according to the World Economic Forum.

The Forum ranked Russia 58th in terms of competitiveness in a report released Wednesday, citing weak business standards, low government efficiency, and a biased judiciary.

The country's low position is mainly due to "weaknesses in its institutional environment and business standards, lack of government efficiency, lack of independence of the judiciary in meting out justice, and more general concerns about government favoritism in its dealings with the private sector," the report said.

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