Open Access
Article
SciPap-757
Comparison of Economic Development of the Slovak Republic and the Czech Republic Based Global Competitiveness Index
by
Irina Bondareva 1,* and Róbert Tomčík 2
1 Ústav Manažmentu STU, Slovenská technická univerzita, Vazovova 5, Bratislava 812 43, Slovakia
2 Ústav Manažmentu STU, Slovenská technická univerzita, Vazovova 5, Bratislava 812 43, Slovakia
* Authors to whom correspondence should be addressed.
Abstract: The aim of this article is to analyze the competitiveness of the Slovak Republic expressed by the Global Competitiveness Index and compare its value with Czech Republic. The Czech Republic was chosen as a basis of comparison because of the similarity of its economy with the Slovak Republic. This article describes the methodology for assessing the competitiveness of countries according to the World Economic Forum. This article also describes pillars of competitiveness, which consist of the key factors affecting the competitiveness of any country. Classification of countries assessed into three main groups according to the sophistication of the economy can detect those factors that affect the level of competitiveness of the selected country the most. By analysis of the various pillars is also possible to recognize problematic factors, i.e. those pillars characterized by low values in the long period, which need attention. The article describes the most problematic areas of competitiveness of the Slovak Republic. These include mainly the low quality of public institutions, a significant level of corruption in the country and as another problematic factor is considered a low innovation activity of the country.
Keywords: Innovation, Corruption, Competitiveness, Global Competitiveness Index, Institutions
JEL classification: O11 - Macroeconomic Analyses of Economic Development, O47 - Empirical Studies of Economic Growth • Aggregate Productivity • Cross-Country Output Convergence
SciPap 2015, 23(1), 757
Received: 17 June 2014 / Accepted: 8 April 2015 / Published: 27 April 2015
