Meanwhile, Estonia went up one spot to 29th and Latvia dropped from the 49th to 54th , said Statistics Lithuania.

Lithuania's showing was the worst in innovations and business sophistication, ranking 44th in the subindex, with business sophistication listed as the worst at 46 th and innovations a bit better at 41st.

The country was listed 40th in the subindex of efficiency enhancers and 34th in the subindex of main requirements.

For the ninth consecutive year, the World Economic Forum listed Switzerland as the most competitive country, followed by the United States of America and Singapore.