South Korea’s global competitiveness ranking rose by eight notches to reach the highest level for the country ever in 2024. (Image courtesy of Yonhap)
SEOUL, Jun. 18 (Korea Bizwire) – South Korea’s global competitiveness ranking rose by eight notches to reach the highest level for the country ever in 2024 on improved corporate efficiency and infrastructure, a report showed Tuesday.
The country ranked 20th in terms of global competitiveness among 67 countries surveyed in 2024 compared with 28th the previous year, according to the report by the International Institute for Management Development (IMD) released by the finance ministry here.
The Switzerland-based institution has been releasing the yearly report since 1989 based on economic achievements, infrastructure, and government and corporate efficiency of each country.
Among 30 nations with a population of 20 million or more, South Korea ranked seventh this year. Of the 30-50 club members that have a population of over 50 million and gross national income per capita above US$30,000, South Korea took the second-highest spot after the United States.
In detail, the country saw its ranking jump to 23rd this year from last year’s 33rd in terms of corporate efficiency and the ranking for infrastructure went up five notches to 11th.
The country came in 16th in terms of economic achievement, falling two notches, and its ranking in terms of government efficiency fell by one notch to 39th this year.
Denmark topped the list this year, followed by Switzerland, Denmark, Ireland and Hong Kong.
The United States stood at 12th, and China came in 14th this year, according to the ministry.
(Yonhap)
