Turkey has ranked 42 among 62 countries in “The Financial Development Report 2012,” released by the World Economic Forum (WEF) in Switzerland analyzing the financial systems of various countries. A summary of this report was published by TÜSİAD-Sabancı University Competition Forum on Jan. 17.

The report selects 62 countries with developed financial systems and ranks them in terms of 120 variables spanning institutional and business environments, financial stability and the size and depth of capital markets, among other factors. The main goal of this study is to reveal the general competitive power of the financial systems. The report categorizes countries into three groups: ones with a conservative system, ones in a transitional phase and liberal countries. Turkey was put in the transitional group, ranking 42 after the Philippines and Hungary. The United States, the United Kingdom and Singapore took the top three spots on the list, Hurriyet Daily News report.