2023 IMD World Competitiveness Ranking

The latest world competitiveness ranking has brought forth interesting insights into the competitive landscape of nations. The rankings, compiled by the International Institute for Management Development (IMD), provide valuable information on economic performance, government efficiency, infrastructure, and more.  

Denmark Reigns Supreme 

In the highly anticipated ranking, Denmark emerged as the top-ranked country for competitiveness. This achievement reflects the country’s consistent excellence across all four measured factors: economic performance, government efficiency, infrastructure, and business efficiency. 

Singapore’s Position 

Singapore, known for its vibrant business environment, claimed an impressive fourth position in the global competitiveness ranking. While the city-state slipped from third place in the previous year, its overall competitive edge remains strong and noteworthy. 

Ireland’s Remarkable Progress 

The ranking witnessed Ireland making significant strides, emerging as the country with the most notable improvement. Climbing from the 11th position to second place, Ireland showcased outstanding economic performance as its ranking in this criterion soared from seventh to first. Several factors contributed to Ireland’s ascent, including a skilled workforce, high educational standards, policy stability, a competitive tax regime, and a business-friendly environment. 

Factors Considered 

The IMD’s competitiveness ranking evaluates countries based on four key factors: economic performance, government efficiency, infrastructure, and business efficiency. These factors provide a comprehensive assessment of a country’s overall competitiveness, taking into account various aspects that shape its economic landscape. 

Hard Data and Survey Responses 

The ranking process combines hard data and survey responses to derive comprehensive results. Two-thirds of the overall ranking results are based on hard data, comprising 164 competitiveness criteria obtained from extensive research and multiple sources. The remaining one-third is derived from responses to 92 survey questions answered by senior executives, providing valuable insights from industry leaders. 

Switzerland’s Government Efficiency and Infrastructure 

Switzerland retained its position as a leader in government efficiency and infrastructure. This achievement reflects the nation’s strong governance and well-developed infrastructure, contributing to its overall competitiveness. Switzerland ranked first in government efficiency and infrastructure, seventh in business efficiency, and saw an improvement in economic performance, moving from 30th to 18th place. 

Month: Current Affairs - June, 2023

Category: Reports & Indexes Current Affairs