Quality of institutions and international competitiveness of the Visegrad countries in the second decade of the twenty-first century

Abstract

Background: The Visegrad countries are an interesting example of countries that underwent a systemic transition in the 1990s from a command economy to a market economy, which included institutional changes. Research objectives: The article aims to determine the quality of institutions and the international competitiveness of the Visegrad countries. Research design and methods: We conducted the research among the Visegrad countries by analysing changes in the Global Competitiveness Index and based on the currently available data from World Economic Forum reports (2011–2012 and 2019). Results: The results of the analysis of the V4 group regarding the quality of existing institutions show a significant improvement in their position in the global ranking. Conclusions: As a direct result of the research, we could identify areas characterised by high-quality institutions and those that still require change and special consideration by the governments of these countries.

Keywords

• institutions
• socio-economic development
• international competitiveness