Korea ranks 27th in global competitiveness

South Korea`s global competitiveness rose by four notches this year on the back of an increase in corporate efficiency, Yonhap News reported citing an international report Wednesday.

According to the IMD World Competitiveness Yearbook 2009, South Korea ranked 27th in terms of competitiveness among 57 countries surveyed. In the previous year, the nation`s global ranking stood at 31st.

The Switzerland-based institute releases the report every year, analyzing countries based on their economic achievements, infrastructure, and government and corporate efficiency. It was distributed by the Ministry of Strategy and Finance here.

The United States retained the top status this year, followed by Hong Kong and Singapore, the report showed.

South Korea received better points across the board, the ministry said.

South Korea`s ranking in corporate efficiency surged to 29th from 36th as the nation`s companies saw improvements in their overall productivity and efficiency, the report showed.

In terms of infrastructure, South Korea was upgraded to 20th from 21st while the country`s ranking in economic achievements and government efficiency also rose to 45th and 36th from 47th and 37th, respectively, the report showed.

"Despite the toughening economic conditions, our nation`s competitiveness has improved," the ministry said. "Stepped-up efforts to sharpen its competitiveness in the corporate sector and the government`s role in easing regulations and offering tax cuts contributed to receiving such better assessments."

South Korea, however, was among the lowest-ranking of the Asian countries, ranking 10th out of 13 Asian Pacific countries surveyed. Of the countries with populations exceeding 20 million, South Korea was 11th out of 29 countries.

Taiwan`s ranking plunged to 23rd from 13th while China came in at 20th compared with 17th a year earlier. Japan saw its ranking surge by five steps to 17th this year.

South Korea was urged to step up efforts to supply talented workers for industries, brace for a worsening fiscal status amid expanding state spending to bolster the sagging economy and enhance relations between management and labor unions.