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Denmark tops 2023 IMD World Competitiveness Ranking followed by Ireland and Switzerland

In a recent report released by the International Institute for Management Development (IMD), Denmark, Ireland, and Switzerland are the top three most competitive nations among the 64 economies analysed.

Denmark remained in first place in the latest ranking, while Ireland jumped from 11th to second due to exceptional economic performance, while Switzerland stayed firm in third place after sliding from second place in 2022 and first place in 2021.

The global economy’s overall competitiveness has declined over the previous five years, driven mostly by the COVID-19 pandemic and the Russia-Ukraine crisis, according to Arturo Bris, professor of finance and director of the WCC, in a video interview with Xinhua. “These are also going to be the top challenges going forward.”

“The top three countries are smaller European countries… but these three countries have access to a large economic region,” Bris said, adding that they have excellent institutional development, education, and healthcare.

The total results are comprised of four rankings, with Ireland placing first in economic performance, third in government efficiency, and in corporate efficiency.

However, the economy performed poorly in terms of infrastructure, ranking nineteenth.

The WCC and 57 local institutes worked together to examine the 64 economies using a combination of hard data and 92 survey questions answered by 6,400 top executives.

Other major global economies such as the United States ranked ninth, China 21st, Germany 22nd, the United Kingdom 29th, and Japan 35th. Meanwhile, Indonesia jumped to 34th place (from 44th), owing to strong business efficiency. Latvia, on the other hand, fell to 51st (from 35th) due to poor performance in government and corporate efficiency as a result of record high inflation in 2022.

The risks of a worldwide economic recession, inflationary pressures, and geopolitical conflicts outweigh environmental concerns, the report stated.

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