IMD World Competitiveness Ranking released

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. 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, 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.

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.