Singapore, Hong Kong and Taiwan have been ranked among the world’s 10 most competitive economies. Photo Credit: Adobe Stock/knowhowfootage
The results for this year’s World Competitiveness Ranking are out,
with smaller economies dominating the top 10 spots, according to
Switzerland’s International Institute for Management Development (IMD),
comparing 67 economies based on over 250 indicators across four broad
categories of economic performance, government efficiency, business
efficiency and iInfrastructure.
Singapore leads the pack, rising three spots from last year due to
its robust performance in government and business efficiency. Other
notable Asian economies in the top 10 include Hong Kong at 5th place and
Taiwan.
Big Asian economies such as India, Japan, and South Korea are notably
absent from the top 10, although China made a significant leap, rising
from 21st to 14th position, thanks to a strong economic recovery
post-pandemic.
Europe continues to dominate the competitiveness ranking with six
economies in the top 10, including three in the top 5: Switzerland
(2nd), Denmark (3rd), and Ireland (4th). However, Europe's economic
powerhouses—Germany, France, and the UK—are notably absent from the top
20.
Meanwhile, the US also slipped out of this year’s top 10 to land in the 12th spot.
Here’s the 2024 IMD World Competitiveness Ranking:
- Singapore
- Switzerland
- Denmark
- Ireland
- Hong Kong
- Sweden
- UAE
- Taiwan
- Netherlands
- Norway
- Qatar
- US
- Australia
- China
- Finland
- Saudi Arabia
- Iceland
- Belgium
- Canada
- South Korea