S Korea-global competitiveness
S. Korea's competitiveness down one notch to 28th in 2023: report
By Kang Yoon-seung
SEOUL, June 20 (Yonhap) -- South Korea's global competitiveness rank moved down by a notch from a year earlier in 2023, due mostly to a decline in government efficiency, a report showed Tuesday.
South Korea ranked 28th in terms of global competitiveness among 64 countries surveyed, according to the 2023 report by the International Institute for Management Development (IMD).
The IMD, a Switzerland-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.
Among 27 nations with a population of more than 20 million or more, South Korea ranked ninth this year, unchanged from 2022.
By segment, South Korea jumped from 22nd place to the 14th spot in terms of economic performance despite global challenges, reaching to an all-time high level.
The decrease was mainly attributable to robust performance in terms of the domestic economy, international investment, employment and prices, which offset losses from trade activities.
In contrast, Asia's No. 4 economy slipped two spots in terms of government efficiency over the period to 38th place, due mainly to weaker performances in public finance, tax policy and institutional framework.
The data also showed that the business efficiency and infrastructure held steady at 33rd and 16th place, respectively, throughout the period.
The finance ministry said it was notable that the country's economic achievement rose to a record-high level on the back of the government's efforts to address global challenges.
South Korea will continue to improve its health by adopting the fiscal rule, which centers on capping the deficit to 3 percent of the country's gross domestic product, it added.
(END)
(C) Yonhap News Agency. All Rights Reserved
