The «IMD’s 2020 World Competitiveness Ranking» highlights Singapore’s economy as the most competitive of the 63 countries surveyed by the report. To be precise, Singapore is in the first place, for the second consecutive year as in 2019 managed to dethrone the USA from the top of the ranking. The next places in the ranking for 2020 are occupied by Denmark, Switzerland, the Netherlands and Hong Kong.
Factors behind Singapore’s success are its strong economic performance, stemming from strong international trade and investment, employment and labor market measures. Consistent performance in both its education system and technology infrastructure – telecommunications, internet bandwidth and high-tech exports – also play key roles.
Denmark, in second place, has a strong economy, labor market and health and education systems. In addition, the country performs very well in international investment and productivity and has surpassed Europe in business efficiency. The index that Denmark gained as far as economic performance is concerned is 21, while for government efficiency, business efficiency and infrastructure gained the indicators 4, 1 and 2 respectively.
Switzerland is firmly on the podium, thanks to robust international trade, which fuels its strong economic performance. Its scientific infrastructure and health and education systems show stable returns. The index that Switzerland gained as far as economic performance is concerned is 18, while for government efficiency, business efficiency and infrastructure gained the indicators 2, 9 and 3 respectively.
As mentioned above the Netherlands is at the 4th place of the list. The index that the Netherlands gained as far as economic performance is concerned is 1, while for government efficiency, business efficiency and infrastructure gained the indicators 11, 4 and 9 respectively.
Hong Kong SAR completes the top 5 most competitive economies in the world for 2020. The index that Hong Kong SAR gained as far as economic performance is concerned is 28, while for government efficiency, business efficiency and infrastructure gained the indicators 1, 2 and 14 respectively.
The next five places of the list in terms of competitiveness are occupied by: Sweden in 6th place from 9th, Norway in 7th place from 11th in 2019, Canada in 8th place from 13th last year, while the United Arab Emirates is in 9th position from the 5th they held in 2019 and the USA completes the top ten, occupying the 10th position from the 3rd in 2019.
For the second consecutive year, the US failed to resist, having been overturned from its number one position last year by Singapore and reached 10th (3rd in 2019). Trade wars have devastated both China and the US economy, reversing their positive growth trajectories. China has dropped to 20th place this year from 14th last year.
Greece is improving its position on the world competitiveness map, gradually building a more competitive profile in a number of sectors. The country manages to climb nine places in the «IMD’s 2020 World Competitiveness Ranking» for 2020, ranking 49th among the 63 most developed economies in the world, from 58th in 2019.
According to the International Institute of Management in Lausanne (IMD) and the «2020 World Competitiveness Ranking», Greece shows significant improvements in a number of sub-indices. For example, in the axis «Economic Efficiency», Greece is ranked 55th for 2020, compared to the 60th position it held in 2019. Also, in the axis «Government Efficiency», the country manages to gain eight positions for 2020 and be in 52nd place from the 60th, which he had occupied in 2019.
Meanwhile, in «Business Efficiency» Greece climbs by seven places in 2020 and manages to be in 51st compared to 58th last year. Finally, in the «Infrastructure» axis, the country also manages to improve its performance and occupy the 39th position for the current year compared to the 41st position in 2019.
It is worth mentioning that at number 11 of the list is placed Taiwan, at number 12 Ireland, at number 13 Finland, at number 14 Qatar and at number 15 Luxembourg.
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