[Photo] S. Korea ranks 13th in WEF’s 2019 global competitiveness report

The World Economic Forum (WEF) ranked South Korea 13th in its 2019 Global Competitiveness Report, citing macroeconomic stability and quick adopt of IT developments as reasons for bumping the country up two places from last year. A stagnant labor market was cited as a factor dulling South Korea’s potential and growth this year. The US, on the other hand, lost its first place spot to Singapore. The WEF conducts its annual competitiveness report based on data gathered from the International Monetary Fund (IMF) and the World Bank (WB) as well as surveys conducted on each country’s respective CEOs.