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Report: S. Korea's global competitiveness ranking falls to 27th in 2021

International Institute for Management Development logo (IMD)
International Institute for Management Development logo (IMD)

South Korea's global competitiveness ranking fell by four notches this year from the previous year amid the economic slowdown and a continued rise in the national debt, a report showed Wednesday.

South Korea ranked 27th in terms of global competitiveness among 63 countries surveyed, according to the 2022 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 also ranked ninth this year, down one notch from a year earlier,

In terms of economic achievements -- covering the domestic economy, international trade and employment -- South Korea saw its ranking fall by four notches to 22nd, due largely to the previous year's base effect.

Asia's fourth-largest economy expanded 4 percent last year, the fastest growth in 11 years, on the back of robust exports. South Korea's economic growth is likely to be in the 2-percent range this year due to heightened economic uncertainty.

The country's ranking in government efficiency came to 36th this year, down from 34th in 2021, as the country's fiscal deficit and national debt has increased at a fast pace amid the pandemic.

In the field of corporate efficiency, South Korea fell by six notches to 33rd place on a fall in productivity by large firms.

South Korea came in at 16th in terms of infrastructure, up from 17th the previous year due largely to a rise in its standing in the education sector.

Denmark topped the list this year, up two notches from 2021.

The United States remained unchanged at 10th this year, while China fell by one notch to 17th. (Yonhap)

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