The 2024 World Competitiveness Ranking by the International Institute for Management Development (IMD), released on Tuesday, highlights Singapore, Switzerland, and Denmark as the world’s most competitive economies, while the US dropped out of the top 10 for the first time.
According to the International Institute for Management Development’s (IMD) 2024 World Competitiveness Ranking, which was released on Tuesday, Singapore, Switzerland, and Denmark have the most competitive economies in the world. Singapore soared from fourth place to the top of the list, largely due to extremely high scores in government and business efficiency, whereas Denmark fell two slots from its position as the top country in 2022 and 2023.
The first thing that strikes one when examining this year’s top performers is that, as Felix Richter of Statista notes, they are all relatively tiny economies, which allows them to respond more quickly in the current fast-paced, globalized economy.
According to Christos Cabolis, head economist at the IMD World Competitiveness Center, “navigating today’s unpredictable environment requires agility and adaptability” last year.
Regarding this year’s ranking, WCC Director Arturo Bris stated, “The best-performing economies balance productivity and prosperity, meaning they can generate elevated levels of income and quality of life for their citizens while preserving the environment and social cohesion.”
Because of its increasingly divisive political environment and its sluggish legislative process, the United States today lacks social cohesiveness, flexibility, and agility, which contributes to the country’s economy’s steady fall from the top of IMD’s annual ranking.
The greatest economy in the world moved from 9th to 12th place this year, leaving it out of the top 10 for the first time. It had been in the top spot continuously from 1997 to 2009 and had not left the top 3.
With China and Canada being the only other top 10 economies (in terms of nominal GDP) to make the top 20, according to the 2024 Competitiveness Ranking, the United States remains the world’s largest economy, even though this may sound unfavorable given its position in the world.
Europe performed exceptionally well in the 2024 rating, with six of its economies placing in the top 10, despite the absence of the continent’s economic giants, Germany, France, and the United Kingdom, from the top 20.
Recently, GreatGameIndia reported that India’s ascent in the global supply chain is evident as businesses like FedEx, Foxconn, and Apple expand operations. The nation’s favorable incentives and diverse industries make it an attractive manufacturing hub.
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