Croatia ranks 50th on the IMD's World Competitiveness Ranking that covered 64 countries for 2023, according to the results published by the Lausanne-based Institute for Management Development (IMD) on Tuesday.

This year, Croatia moved down by three notches, but in 2022 it moved up by 13 places, and therefore it is still 10 places better than in 2020.

Over the last few years, the country has made solid headway in boosting its competitiveness.

In 2023, Denmark remains on the top of the standing, and is followed by Ireland and Switzerland.

As far as Croatia is concerned, the country has got the best scores in three segments: International Trade, Societal Framework and Prices.

Croatia has made the greatest headway in Public Finances owing to the surplus in the general government budget and the improved credit rating of the country as well as to growing exports of services and a rise of women’s share in management.

Croatia makes top three countries in terms of tourism receipts, employment growth, GDP growth rates, and growth rates in labour force and minimum wage.

On the other hand, the headwinds to the progress were high inflation rates, deceleration in GDP growth and lower efficiency in water management.

The IMD World Competitiveness Yearbook (WCY), first published in 1989, is a comprehensive annual report and worldwide reference point on the competitiveness of countries. It provides benchmarking and trends, as well as statistics and survey data based on extensive research. It analyzes and ranks countries according to how they manage their competencies to achieve long-term value creation, the IMD says on its website.

The World Competitiveness Ranking is based on 336 competitiveness criteria selected as a result of comprehensive research using economic literature, international, national, and regional sources, and feedback from the business community, government agencies, and academics.