Russia gets less competitive

The World Economic Forum has released its latest Global Competitiveness Index, which shows Russia dropping from 53rd to 62nd place.

The survey, which assesses how efficient and open the world's economies are, outlined concerns about Russia's legal system and noted intellectual property rights as a weak point. It added that the IP situation seemed to be getting worse. The report highlighted Russian strengths in training and scientific research, but said corruption is still an issue. This year's list is topped by Switzerland, Finland, and Sweden. The world's largest economy, the United States, dropped in the rankings – from 1st to 6th place.