Top 10 Competitive Economies Globally For 2023

The ten most competitive economies for 2023 were distinguished according to some affluence indicators. In first place is Denmark, which kept first place from last year. In second place is Ireland, which was in 11th place last year, i.e., it rose nine places in one year. In third place, we find Switzerland, which unfortunately fell one place in the ranking compared to last year. In 4th place is Singapore, which, following the example of Switzerland, dropped one place in the ranking compared to 2022. The Netherlands completes the top five, which moved up one place compared to last year.

In 6th place, we meet Taiwan (last year, it was in 7th place). In 7th place is Hong Kong, which this year fell two places compared to the previous year, while in 8th place we meet Sweden, which fell four places compared to last year. In 9th place is the USA, which has moved up one place compared to the previous year, while in 10th place is the United Arab Emirates, which has moved up two places compared to last year.

Europe has a significant presence in this year’s ranking, with a total of five economies in the world’s top 10 most competitive economies and four of them in the top five. Denmark maintained its top spot from last year, Ireland made a remarkable jump from 11th place to second, and Switzerland retained third place after falling from second place in 2022 and first place in 2021.

The above countries remained competitive in 2023 in an environment of global crises and conflicts, inflation, and geopolitical changes. The countries on this list strengthen their economies year after year while being able to adjust their policies according to the current economic conditions timely.

Ireland’s rise to the top is significant, moving from 24th on the list in 2011 to 2nd in 2023. Denmark’s continued strong presence at the top of the ranking is based on its performance across several competitive factors. Denmark showed an improved profile in the domestic economy, employment, productivity, management practices, and exports, while we also saw an increase in the labor force.

Let’s now focus on USA’s rankings. This slight increase is mainly due to satisfactory performance in the economic performance factor, in which it ranks second. In the other competitiveness factors, the USA ranks 14th in business efficiency and sixth in infrastructure. Despite a slight improvement, it remains relatively low in the government efficiency factor (25th). At the sub-factor level, the USA continues to perform strongly in the domestic economy (fifth), international investment (first), finance (first), and scientific infrastructure (first). The country improves its position in a number of indicators, including access to financial services, gender ratio (third), exports of goods, growth (22nd), and the economic impact of pollution problems (22nd). It also progresses in areas such as the growth of exports of commercial services (32nd), the terms of trade index (20th), direct investment stocks inward as a percentage of GDP (22nd), labor force growth (29th), exchange rate stability (21st), and current account balance (46th). The USA declines in areas such as equal opportunity (32nd from 21st), export concentration by-product (11th from sixth), female labor force (21st from 22nd), and social cohesion (44th from 39th). It also falls in the rankings for indicators such as freedom of the press (30th from 23rd), tax evasion (28th from 20th), foreign investors (38th from 30th), and flexibility and adaptability to face new challenges (31st from 29th).

It is worth noting that the above results come from the World Competitiveness Center (WCC) assessment of the International Institute for Management Development (IMD).

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