World Competitiveness Ranking 2023 By IMD

By Shubhendra Anand , 12 July, 2023

International Institute for Management Development (IMD) published its World Competitiveness Ranking on June 2023 by evaluating 64 economies worldwide based on four broad categories: economic presentation, infrastructure, and efficiency of both business and government sectors. IMD provides insights into the market trends along with the economies' statistical data and survey reports. The organization analyzes the data and ranks different countries based on their strategies to manage their expertise for long-term productivity.

The World Competitiveness Ranking 2023 states that citizens' quality of life can be achieved with agile governance and better market access. Also, the report paves the way for sailing across a "fragmented" world while explaining global economic competitiveness. According to the news by IMD, Ireland, Denmark, and Switzerland are the top three ranking economies in the World Competitiveness Ranking among the 64 countries measured for their global competitiveness in 2023.

IMD has evaluated 64 countries based on 300 indicators, and the survey results account for two-thirds of the final ranking. The survey reports also reveal Australia's worst results due to entrepreneurship and ranked 62nd among 64 countries. According to one of the officials, high goods prices and stable job markets boost Australia's competitiveness, but it is insufficient to depend on traditional trade strengths. Asia's Singapore, Hong Kong, and Taiwan are among the top ten countries on the list of the World Competitiveness Ranking. Still, China, Japan, India, and South Korea are absent despite being the largest economies of Asia.