United States Missing in the IMD List of Competitive Economies for 2024

By Shubhendra Anand , 06 November, 2024

Globally, the economies are facing different scenarios in 2024. This is due to the changing dynamics of various sectors in the market. Along with that, the oil and gas industry's price fluctuations can be one of the reasons. A good economy demands the nation's balance of goods and services prices. A recent survey from the International Institute For Management Development (IMD) published 2024 the competitiveness ranking of countries globally. However, unexpected results are present in the reports of IMD 2024. Significant economies like the United States, China, Japan, and others are missing from the list of top ten countries.

The economic competitiveness of the United States and China is regarded as most active in the global financial market. China is growing in the production and export of rare earth metals. Additionally, the manufacturing of electric vehicles is another hub spot for the increasing economy in China. Research shows Europe emerging as the leading country in the survey's rank list for 2024. Along with the United States, North America shares some parts of the nation as a growing economy. However, the United States is missing from IMD's list of economies. Experts suggest that small economies show increasing financial growth in 2024. These nations excel in economic performance as they can take faster action in this fast-paced economy of 2024. The growing concern towards clean energy transition is the main criterion that needs to be preserved. Experts claim that the economies ranking higher in the IMD list balance productivity and growth. It suggests productivity in the market but not at the cost of quality.

Therefore, the shift in the energy market can be an essential reason for defining a nation's economic competitiveness globally in 2204. However, significant economies worldwide are nowhere in the IMD list of countries. Those are Germany, France, and the United Kingdom. However, Europe tops the 2024 IMD ranking. China and the United States face the same situation in 2024. Therefore, the survey cites that the country's financial condition is challenging to determine from the production sector, energy market, transportation sector, and other minerals production. It requires quality of life and the factors mentioned to create an economic equilibrium.

                      World competitive ranking in the period of 2019-2023