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TALLINN — Estonia has been ranked 33rd in this year’s Global Competitiveness Index, an annual ranking produced by the World Economic Forum.

Estonia climbed two places from last year’s ranking, making it the highest ranked former Soviet state.

Lithuania, meanwhile, climbed four places to 47th, where it is wedged between Portugal and Italy. Latvia fell two places to 70th, where it is tied with Iran and Columbia.

The ranking system is based on “12 pillars of competitiveness” – institutions, infrastructure, macroeconomic environment, health and primary education, higher education and training, goods market efficiency, labour market efficiency, financial market development, technological readiness, market size, business sophistication, and innovation.

The list of 139 countries was headed by Switzerland, Sweden, Singapore, the US, and Germany. Those at the bottom of the list included Chad, Angola, Burundi and Zimbabwe.