SEOUL, June 18 (AJU PRESS) - South Korea climbed eight notches to achieve its highest-ever global competitiveness ranking of 20th out of 67 economies, according to the 2024 results released by the Swiss-based IMD World Competitiveness Center on Tuesday.
The stellar performance was driven by a 10-spot surge in enterprise efficiency to 23rd, offsetting declines in economic performance and government efficiency rankings.
Productivity, the labor market, finance, management practices, and attitudes/values all saw marked improvements in the enterprise efficiency factor. Infrastructure climbed 5 places to 11th.
However, the economic performance factor slipped two spots to 16th due to deterioration in international trade and investment. Government efficiency edged down one position to 39th as tax policy faltered despite better fiscal, institutional and social conditions.
Singapore topped the rankings, followed by Switzerland, Denmark, Ireland and Hong Kong. The U.S. placed 12th, while China ranked 14th. Japan languished at 38th.
Within the "30-50 Club" of countries with over 50 million population and $30,000 or more income per capita, Korea trailed only the U.S., ranking 7th among 30 nations exceeding 20 million in population.
