Korea Makes Progress found in Global Competitiveness Ranking
18 June, 2020
Korea rose five notches to 23rd place in global competitiveness rankings by the Institute for Management Expansion.
The Swiss business school issues an annual report that ranks 63 countries. Korea ranked 22nd, the best up to now, from 2011 through 2013 but fell to 29th in 2016 and have been struggling to make noticeable improvement until last year.
Singapore came top for the second year running, even while Denmark and Switzerland rose to second and third place.
In Asia, Hong Kong ranked fifth, Taiwan 11th, Australia 18th and China 20th, while Japan's ranking plunged four notches to a poor 34th.
Countries are assessed found in four categories -- financial performance, government and organization effectiveness, and infrastructure. Korea increased within the last three however, not the first.
Its strengths were a minimal rate of long-term unemployment, start-up types of procedures, digital transformation in corporations and research and advancement spending.
But Korea still must improve in relocations threats of organization, tariff barriers, corporate boards' performance and multilateral environment agreements, IMD said.
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