Korea's global competitiveness ranking stays at 23rd in 2021: report

Korea's global competitiveness ranking stays at 23rd in 2021: report

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South Korea’s global competitiveness ranking remained unchanged this year after rising by five notches in the previous year on the back of its efforts to contain the pandemic, a report showed Thursday.

South Korea ranked 23rd in terms of global competitiveness among 64 countries surveyed, according to the 2021 report by the International Institute for Management Development (IMD).

IMD, a Swiss-based international institution, has been releasing the report every year since 1989 based on a country’s economic achievements, infrastructure, and government and corporate efficiency.

South Korea’s standing remained unchanged from a year earlier, while staying close to the country’s record-high ranking of 22nd logged in 2011-2013, according to Seoul’s finance ministry.

South Korea ranked eighth this year among 29 nations that have a population of more than 20 million or more.

In terms of economic achievements, South Korea saw its ranking rise by nine notches to 18th on the back of its robust exports and investments.

Asia’s fourth-largest economy is on a recovery track, supported by brisk exports and reviving domestic demand. The South Korean economy contracted 0.9 percent last year amid the pandemic.

The country’s ranking in government efficiency came to 34th place this year amid the protracted COVID-19 pandemic, compared with the previous year’s 28th.

In the field of corporate efficiency, South Korea was up by one notch to 27th place. The country’s ranking rose by six notches last year due to an improvement in labor markets.

South Korea finished 17th in the infrastructure sector, down one notch from the previous year due to a fall in its standing in the education sector. (Yonhap)

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