IMD World Competitiveness Booklet 2021

Government Efficiency

[S] = Survey data | [B] = Background data

2 . 1 Pub l i c F i nance 2.1.01 [B] Government budget surplus/deficit ($bn) 2.1.02 Government budget surplus/deficit (%) 2.1.03 [B] Total general government debt ($bn) 2.1.04 Total general government debt (%)

US$ billions

Percentage of GDP

US$ billions

Percentage of GDP 2.1.05 [B] Total general government debt-real growth Percentage change, based on national currency in constant prices 2.1.06 Interest payment (%) Percentage of current revenue 2.1.07 [S] Public finances Public finances are being efficiently managed 2.1.08 [S] Tax evasion Tax evasion is not a threat to your economy 2.1.09 [S] Pension funding Pension funding is adequately addressed for the future 2.1.10 General government expenditure Percentage of GDP

2 . 2 Tax Po l i c y 2.2.01 Collected total tax revenues 2.2.02 Collected personal income tax 2.2.03 [B] Collected corporate taxes 2.2.04 [B] Collected indirect tax revenues 2.2.05 [B] Collected capital and property taxes 2.2.06 [B] Collected social security contribution 2.2.07 Corporate tax rate on profit 2.2.08 Consumption tax rate 2.2.09 Employer social security tax rate 2.2.10 Employee social security tax rate 2 . 3 I ns t i t u t i ona l Framewo r k Central Bank 2.3.01 [B] Real short-term interest rate 2.2.11 [S] Real personal taxes

Percentage of GDP

On profits, income and capital gains, as a percentage of GDP On profits, income and capital gains, as a percentage of GDP Taxes on goods and services as a percentage of GDP

Percentage of GDP

Compulsory contribution of employees and employers as a percentage of GDP

Maximum tax rate, calculated on profit before tax

Standard rate of VAT/GST

% %

Real personal taxes do not discourage people from working or seeking advancement

Real discount / bank rate

2.3.02 [S] Cost of capital 2.3.03 Interest rate spread 2.3.04 Country credit rating 2.3.05 [S] Central bank policy

Cost of capital encourages business development

Lending rate minus deposit rate

Index (0-60) of three country credit ratings: Fitch, Moody’s and S&P Central bank policy has a positive impact on economic development

2.3.06 [B] Foreign currency reserves ($bn) 2.3.07 Foreign currency reserves per capita

US$ billions US$ per capita

2.3.08 Exchange rate stability

Parity change from national currency to SDR, 2019 / 2017

State Efficiency 2.3.09 [S] Legal and regulatory framework 2.3.10 [S] Adaptability of government policy

The legal and regulatory framework encourages competitiveness of enterprises Adaptability of government policy to changes in the economy is high

2.3.11 [S] Transparency 2.3.12 [S] Bureaucracy

Transparency of government policy is satisfactory Bureaucracy does not hinder business activity

2.3.13 [S] Bribery and corruption

Bribing and corruption do not exist

2.3.14 Rule of law

Index

2.3.15 [S] Sustainable development goals

Country performance on the 17 SDGs

2.3.16 [S] Democracy index

EIU Overall Democracy Index, ©The Economist Intelligence Unit Limited 2020

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IMD WORLD COMPETITIVENESS BOOKLET 2021