S. Korea moves up to 23rd in global competitiveness ranking

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S. Korea moves up to 23rd in global competitiveness ranking

ISLAMABAD-South Korea's global competitiveness ranking rose by five notches this year due to an improvement in the efficiency of the government and companies and expanded infrastructure, an international institute said Tuesday.

The International Institute for Management Development (IMD) said in its annual report that South Korea ranked 23rd in terms of world competitiveness among 63 countries surveyed, up from 28th the previous year.

IMD is a Switzerland-based organization that releases annual competitiveness rankings based on a country's economic achievements, infrastructure, and government and corporate efficiency. It has been issuing the report since 1997.

In terms of economic performance -- covering the domestic economy, international trade and employment -- South Korea placed 27th, unchanged from last year.

In the infrastructure sector, South Korea rose by four notches, to 16th, on a gain in technology and education.

South Korea jumped to 28th place in business efficiency in 2020 from 34th a year earlier due to the improved labor market and entrepreneurship.

South Korea's standing in government efficiency also rose by three notches to 28th this year.

In a statement, the Ministry of Economy and Finance said efforts to halt the spread of the new coronavirus have helped South Korea see a rise in the competitiveness rankings this year.

South Korea saw hundreds of daily new infections in late February and early March, but it appeared to bring the outbreak under control. Still, concerns persist as cluster infections have continued to emerge in Seoul and the neighboring areas.

Singapore retained the top spot this year, while Hong Kong fell by three notches to fifth.

The United States fell to 10th place from third a year earlier. China fell to 20th from 14th a year ago, and Japan fell to 34th, down four notches from a year ago.(YANHAP/APP)