The ranking was conducted with the participation of 67 economies, based on 256 criteria, of which 164 criteria are data taken from international, regional and national sources.
On June 18, the Switzerland-based International Institute for Management Development (IMD) released its 2024 global competitiveness ranking report, in which Singapore topped the organization's ranking list.
According to the report, Singapore is followed by Switzerland, Denmark, Ireland and Hong Kong (China)... The US is in 12th place while China is in 14th place.
South Korea's global competitiveness ranking jumped eight places to 20th from 28th in 2023, its highest ever, thanks to improvements in Korea's business efficiency and infrastructure.
The ranking was conducted with the participation of 67 economies, based on 256 criteria.
Of these, 164 criteria are data taken from international, regional and national sources. The remaining 92 criteria are taken from international expert group surveys and opinions of operators and managers.
In addition to the overall ranking, IMD also ranks countries according to 20 different sub-criteria, including economic performance, infrastructure, government and business performance of each country, population size, per capita income, or by geographic region.
IMD has published its global competitiveness rankings every year since 1989.
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