According to the IMD World Competitiveness Ranking 2022, probably the most competitive countries on the planet were Denmark, Switzerland, Singapore, Sweden, Hong Kong, the Netherlands, Taiwan, Finland and Norway.
In the 34-year history of the rating, Denmark moved as much as first place in 2021, taking third place. In particular, Denmark achieved excellent leads to the business efficiency factor (first) and the sub-factors of productivity and efficiency (first) and management practices (first). Switzerland dropped to second place (from first) and Singapore regained third place (from fifth).
“Denmark is the most digitally advanced country in the world and is currently at the forefront thanks to good policies, the benefits of being a European country, a clear focus on sustainable development and the dynamism of its agile business sector,” said Professor Arturo Bris, Director of CMI.
Analysts attribute Singapore’s rise within the rankings to “significant improvement” in indicators, including “domestic economy”, which improved from fifteenth place to first, “employments” – which moved from third to 18th place, “public funds”, which moved up from sixth place to twelfth place and “productivity and efficiency” (ninth from 14th place).
Additionally, Singapore’s economy showed “modest progress” within the areas of “business laws” (second from third), “education” (sixth from seventh), and “international trade and technical infrastructure”, which performed well.
Despite this, it found that Singapore still ranks “relatively low” on quite a lot of aspects, including management practices (14th), scientific infrastructure (sixteenth) and health and environment (twenty fifth), and is “experiencing some problems” declines ” in “social framework” (from 17 to 22), “labor market” (from 4 to 12) and “attitudes and values” (from 9 to 12).
ASEAN neighbors Malaysia, Thailand, Indonesia and the Philippines rank thirty second, thirty third, forty fourth and forty eighth respectively.
The study also highlighted that Malaysia is “experiencing the sharpest economic downturn” and “falling probably the most places” within the “business efficiency” and “infrastructure” categories, respectively, while Thailand is “falling probably the most places” within the “government effectiveness” criterion. For the “infrastructure” criterion, Indonesia “gains maximum seats.”
According to analysts, Malaysia needs to extend using technology to extend productivity at the corporate level, expand regulatory reform initiatives to the micro level through public-private collaboration, speed up talent development initiatives to maintain up with recent and emerging employment challenges and support future-proof your workforce and increase productivity and competitiveness through mindset change and creativity.
Thailand must increase the resilience of the general public sector, increase social inclusion, push for the event of digital capabilities and establish future-oriented talent management.
While Indonesia must prioritize post-pandemic development strategies; monitor the financial sector to play a more lively role in credit growth; support the effective implementation of pro-competitive rules; strengthen policies within the health and education sectors as potential sources of competitiveness; and give attention to the way to solve problems in telecommunications and renewable energy.
In a period of great upheaval, the thirty fourth edition of the IMD World Competitiveness Yearbook is published. Much of the world continues to be affected by the Covid-19 pandemic. It is price noting that although extensive attempts are being made to revive normality in some countries, the variety of infected people is increasing dramatically in other regions of the planet.
IMD stressed that along with the health and economic threats that nations are fighting, a brand new dangerous situation has emerged: geopolitical risk, which has been reintroduced by Russia’s invasion of Ukraine.
The IMD World Competitiveness Yearbook (WCY), first released in 1989, is a comprehensive annual report and the worldwide standard for measuring a rustic’s competitiveness.
Offers benchmarking, trends, statistics and survey information based on in-depth research. Additionally, it examines and categorizes nations based on how well they manage human capital to generate lasting value.
Economic competitiveness is just not solely determined by GDP and productivity, as firms must also take into consideration political, social and cultural aspects.
Source: IMD.org, Opporttimes.com, HumanResourceOnline.net
