Lithuania was ranked 5th in technology development in the World Competitiveness Ranking 2016 released by the Swiss-based International Institute for Management Development (IMD).
Business start-up procedures efficiency has been marked among the areas with the most significant progress achieved. The IMD World Competitiveness Ranking 2016 places Lithuania 30th, hence ranking it as the second most competitive economy in the Eastern and Central Europe, and the leading one among the Baltics.
The IMD Report urges Lithuania to promote scientific research and development and knowledge exchange, enhance the export and competition growth (especially for the small and medium-sized enterprises), attract foreign investment, increase public sector productivity, and invest into high technologies.
Lithuania’s best performance in economy is in attractiveness for R&D unit relocation and profit tax tariff (4th). Lithuania is ranked second in entrepreneurship and is fourth in IT skills of its citizens.
Lithuania has been included into the prestigious IMD World Competitiveness Ranking for the tenth year. The study is based on the assessment of 340 criteria, two-thirds of which is statistical data, and one-third, the management opinion. This year, 61 countries have participated in the study.