KIEV, Sept. 4 – Ukraine has slipped by 11 places in the Global Competitiveness Index published on Wednesday by the World Economic Forum, to 84th among 148 countries.

The authors of the GCI say that putting economic growth on a more stable footing in future will require Ukraine to address important challenges. Arguably, the country’s most important challenge is the needed overhaul of its institutional framework, which suffers from red tape, a lack of transparency, and favoritism, says the report.

Ukraine could realize further efficiency gains from instilling more competition into its goods and services markets (124th) and continuing the reform of its financial and banking sector (117th).