Improving the competitiveness in CEE countries by sustaining the development of financial market

Through this paper we propose to realize an analysis of the global competitiveness index for the Central and Eastern European countries. In order to determine the competitiveness of a country we analyze the main factors that are influencing it. The objective of the paper is to identify if a developed financial market can improve the global competitiveness of countries. Also, as a second objective, we propose to identify which are the main problems faced by the CEE countries in increasing their competitiveness. The results of the paper show that: Estonia, Czech Republic and Slovakia are the countries with the best developed financial market from CEE and are best ranked by the competitiveness index. Also, the countries with problems in the development of financial markets are Hungary and Slovenia. Slovenia is ranked the last from the ten analyzed countries for all sub-indexes. In order to increase their global competitiveness, the countries from CEE have to improve the sector of institutions, labour market efficiency, health and primary education, business sophistication and innovation.