Posted on : May.29,2019 16:43 KST Modified on : May.29,2019 16:50 KST

The International Institute for Management Development’s 2019 rankings for national competitiveness

China places 14th, Japan 30th

The International Institute for Management Development’s 2019 rankings for national competitiveness
In a survey of national competitiveness that’s published each year by the Swiss-based International Institute for Management Development (IMD), South Korea placed 28th out of the 63 countries surveyed, one place lower than last year. The IMD’s survey of national competitiveness was published on May 28.

Each year, the IMD ranks the national competitiveness of 63 countries in four major areas — namely, economic performance, governmental efficiency, corporate efficiency, and infrastructure — which are divided into 20 categories and 235 subcategories.

South Korea’s ranking peaked from 2011 to 2013, at 22nd, but since then it has hovered between 25th and 29th place.

South Korea’s performance in the major assessment areas is as follows. In economic performance, which focuses on economic indicators such as exports, investment, and employment numbers, the country slid down seven places, dropping from 20th last year to 27th this year. In government efficiency, poorer performance in the category of labor market openness brought it down from 29th to 31st. In infrastructure, stagnation in the categories of technology and education caused a downward correction from 18th to 20th. In corporate efficiency, improvements in such subcategories as entrepreneurship and labor incentives raised the country from 43rd to 34th in the rankings.

The highest-ranked country in the survey was Singapore, up two spots from its 3rd place finish last year. Hong Kong ranked 2nd, the same as last year, while last year’s winner, the US, swapped spots with Singapore as it slid to 3rd. The next three countries in the rankings were Switzerland, the UAE, and the Netherlands.

Among the major powers, China was ranked 14th in terms of national competitiveness, while Germany was ranked 17th. Japan placed 30th, two spots below South Korea.

“We’ll make a proactive effort to improve our national competitiveness by upgrading economic vitality, improving our economy’s fundamental structure, and reinforcing inclusiveness,” said an official from the Ministry of Strategy and Finance.

By Noh Hyun-woong, staff reporter

Please direct comments or questions to [english@hani.co.kr]

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