The World’s Most Competitive Economies 2024: Singapore Tops the List, Hong Kong Takes Fifth Spot

According to a ranking by the International Institute for Management Development (IMD), Singapore is now the world’s most comPetitive country in terms of economy, followed by Switzerland and Denmark. Thailand ranks at No. 25.

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The IMD is a Swiss academic and Business institution that connects researchers with Business owners and entrepreneurs, with the goal of assessing for better organisational development, learning, innovation, and the like. Every year, surveys are sent to various companies across 67 countries to create the ranking. This ranking of national economies utilises the returned data in terms of both executive opinion and objective data to put a closer look at factors such as government efficiency and Business efficiency, infrastructure, and performance.

As such, how well each country’s economy can generate wealth for their citizens is a big variable. Singapore, having earned the full hundred score, rose to the top of the board, three spots upwards compared to last year’s ranking. Thailand also moved up five spots, now at No. 25.

The top 10 ranking for the world’s most comPetitive economy include:

1. Singapore
2. Switzerland
3. Denmark
4. Ireland
5. Hong Kong
6. Sweden
7. United Arab Emirates
8. Taiwan
9. Netherlands
10. Norway

The interest development can be seen in Asian countries, with the majority having an upwards trajectory compared to last year. The most significant jumps include South Korea (8 spots upwards to No.20), as well as China (No. 14), Indonesia (No. 27), and Malaysia (No.34) — all tied for 7 spots upwards.

This may be because the region is becoming more alluring to international investors and internal organisations alike. Nonetheless, it does not apply to every Asian country. Japan is ranked as less comPetitive in terms of economy, falling three spots to No. 38, and The Philippines is ranked as having the least comPetitive economy in Asia, at No. 52 out of 67 countries.

You can find the full ranking, as well as more information on the International Institute for Management Development’s website.

(Hero and featured image credit: Jisun Han/Unsplash)

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