Korea improves in IMD competitiveness indexKorea ranked 25th out of 61 countries in an internationally recognized index measuring the competitiveness of nations.
Although the index says Korea generally moved a step up from last year, it showed a poor performance in improving relations between labor and management and increasing the effectiveness of outsourced board members at company supervision.
The International Institute for Management Development (IMD) Business School, a Geneva-based top-ranked business school, released its annual evaluation.
The United States topped the list this year, followed by Hong Kong in second and Singapore in third.
China, the world’s second-largest economy, ranked 22nd, rising one step year-on-year. Japan fell to 27th, lagging behind its two neighbors, China and Korea.
Among countries with a population of more than 20 million, Korea ranked ninth. Out of the Group of 20 countries, it moved up to seventh.
In four major criteria, Korea’s economic performance - which includes domestic economy, international trade, international investment, employment and prices - climbed five steps to 15th from a year earlier.
There were no significant ups-and-downs in the other three categories; government efficiency fell from 26th to 28th; business efficiency climbed from 37th to 39th; and infrastructure rose from 19th to 21st.
Korea performed poorly in its relationship between labor and management, ranking 57th.
BY Kim Hee-jin [firstname.lastname@example.org]