Bulgaria lost fifteen spots to finish 53rd on the competitiveness rankings of the International Institute for Management Development (IMD), covering 58 key countries.

According to its website, the IMD is an independent non-profit foundation located in Lausanne, Switzerland.

The World Competitiveness Yearbook is widely considered to be the most comprehensive up-to-date ranking of how industrialized and emerging nations are managing their governments, businesses, people and infrastructure.

Its annual report on selected countries analyses and ranks their ability to create and maintain an environment that sustains the competitiveness of enterprises. The foundation measures economic performance, government efficiency, business efficiency and infrastructure, and its judgment is based on 327 distinct criteria.

Two-thirds of the weighting is made up of hard data while the rest is based on responses of 4 000 executives surveyed.

The 2010 global ranking was headed by Singapore and Hong Kong - which for the first time in decades topped the US - which came in at third place.

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