Cyprus has been named the most-improved country in the IMD World Competitiveness Centre 2020 report, rising 11 places on last year's survey.
Cyprus now ranks 30th out of a total listing of 63 countries, compared to 41 in 2019. The improvement of 11 places is the largest of the countries in the survey. For FDI, Cyprus ranks 2nd, behind only the United States. For tax policies, the country comes 13th.
George Campanellas, chief executive of Invest Cyprus, the national investment promotion agency, credited the country's handling of the coronavirus pandemic and its new strategy to improve its economic competitiveness.
Behind Cyprus's robust economic performance is its ability to attract international investment."
Campanellas said: "Behind Cyprus's robust economic performance is its ability to attract international investment, long-term growth in employment and the adaptability of government policy. Other factors that have contributed to the ranking are Cyprus's impressive health infrastructure and education."
"One of the most striking conclusions of the report is that Cyprus is ranked 2nd on the international investment measure, behind only the US. This stems from the significant improvements Cyprus has made to enhance its financial and regulatory regime, creating a business-friendly environment for new investors and an attractive EU base of international companies."
He added: "As the report points out, the benefit of small economies in the current crisis is also their ability to fight a pandemic, and Cyprus's handling of the covid-19 pandemic means that we are able to provide a safe and stable place to do business. Cyprus was also recently ranked among the top five safest country worldwide."
This year's World Competitiveness report provided data on the performance of 63 economies across the globe. Cyprus's position overall improved in all four categories that make up the ranking - economic performance, government efficiency, business efficiency and infrastructure.
As part of its assessment for economic performance, the survey examined sub-factors including domestic economy, international trade, international investment, employment and prices.