Korea's Competitiveness Ranking Remains Low at 29th

Du Ri Jang, June 1, 2017, 9:36 a.m.

Korea's global competitiveness remains stuck at the lowest point since 2008 for the second year running. The Swiss International Institute for Management Development on Wednesday put Korea in 29th place in its global competitiveness report on 63 countries.

The Ministry of Strategy and Finance said the low ranking stems mainly from a decline in government efficiency amid the leadership vacuum following the impeachment of ex-President Park Geun-hye, but corporate competitiveness also remains weak.

Hong Kong led the pack, followed by Switzerland and Singapore. Japan ranked 26th for a second year but China shot from 25th the year before to 18th.

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