Last updated: 04 Jul 2023 10:00 Posted in:
Denmark, Ireland and Switzerland have been named the top three among 64 economies measured for their global competitiveness in the 2023 IMD World Competitiveness Ranking, published by the World Competitiveness Center.
Denmark also won the crown in 2022, while Ireland jumped from 11th to take second place, and Switzerland was third for the second consecutive year.
The World Competitiveness Center – a unit of the International Institute for Management Development (IMD) – said that all three are small economies that make good use of their access to markets and trading partners, as does Singapore, which came fourth.
Making up the top 10 are the Netherlands in fifth spot, followed by Taiwan, Hong Kong, Sweden, the USA and the UAE.
Germany, the UK and France are absent from the top 20, ranking 22nd, 29th and 33rd respectively.
The World Competitiveness Ranking is considered valuable for evaluating contrasting business environments, aiding international investment decision, and assessing the impact of public policies. The report also serves as an indicator of the quality of life in each country.
The IMD World Competitiveness Yearbook, first published in 1989, analyses and benchmarks the competitiveness of 64 countries worldwide using a combination of surveys, statistical data, and trends. It evaluates how countries manage their competencies to achieve long-term value creation.