According to KPMG study – Change Readiness Index 2017 – Slovakia ranks 30th in the world in terms of country’s ability to respond to significant changes and trends. Our biggest asset is the openness of the economy and the main weakness is the business sustainability. European countries captured seven of the Top 10 places. Switzerland took the number-one ranking for the first time, replacing Singapore.
Change Readiness Index (CRI) is a unique study that assesses the ability of the countries to respond and adapt to significant changes. These include, for example, the consequences of natural disasters or long-term demographic, economic, social and technologic changes and trends. CRI in 2017 was extended to 136 countries, while in 2015 it covered 127.
The CRI provides deep insights into where countries can focus and invest in order to be prepared for the increasing pace of change worldwide—breaking down each country’s capacity across three key “pillars” of capability: enterprise (business environment), government (including tax, regulatory and security aspects) and people & civil society (education, health, inclusion, and access to technology).
Slovakia ranks 30th out of 136 countries, which is the same place as two years ago. In the category of enterprise capability we rank 36th, in the government capability 38th and in the area of people and civil society capability 29th. Detailed results for Slovakia are available here.
When looking at individual pillars in the rated categories, the authors of the study consider openness of the Slovak economy as the greatest asset (index 0,92 out of 1). Slovakia reached 8th place among all surveyed countries in this category. The diversification of the economy has also been positively evaluated and we rank 13th in the world with index 0,83. The worst rating was achieved in the pillar of business sustainability. With index of 0,42 Slovakia ranks 107th.
The Czech Republic ranks 25th, Poland 28th and Hungary dropped 15 places to 44th. From the countries that Slovakia also competes with to attract foreign investments Romania ranks 49th and Bulgaria 50th.
European countries captured seven of the Top 10 places in the 2017 CRI, demonstrating strong capacity to handle the region’s challenges. Switzerland took the number-one ranking for the first time, replacing Singapore, which had claimed the top ranking in the 2013 and 2015 CRIs.
The UK entered the top 10 for the first time, strengthening its change readiness at an especially critical time as the country prepares for Brexit. The US also significantly improved its ranking since the previous CRI, rising eight places to 12th from 20th in 2015.
The highest-ranked countries (with change in ranking from 2015):
3.United Arab Emirates
6.New Zealand (+0)
10.United Kingdom (+3)
12.United States (+8)
13.Hong Kong (-10)
The Change Readiness Index (CRI) (view the online tool) covers 136 countries. The CRI is structured around three pillars (Enterprise capability, Government capability, People & Civil Society capability), that signify a country’s underlying ability to manage change. The CRI is built on extensive research and analysis, from primary source data and from nearly 1,400 experts and secondary sources ranging including from the World Economic Forum, World Bank International Monetary Fund and United Nations.
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KPMG in Slovakia is an independent member firm of the global KPMG network. Active in Slovakia since 1991, the firm currently employs more than 300 people and has 11 partners. KPMG in Slovakia provides a wide range of audit, tax, legal and advisory services to domestic as well as international companies across all major industries.