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S. Korea’s global competitiveness ranking drops to 26th: IMD report

May 22, 2014

(Yonhap) — South Korea’s global competitiveness ranking fell by four notches this year as government and business efficiency received lower points than the previous year, an international institute said Thursday.

According to the 2014 report by the International Institute for Management Development (IMD), South Korea ranked 26th in terms of global competitiveness among 60 countries surveyed.

This marked the first time in four years that the country’s ranking fell. South Korea had stayed at 22nd for the past three years after it dropped by a notch in 2011.

IMD is a Swiss-based institute that releases competitiveness rankings every year based on economic achievements, infrastructure, and government and corporate efficiency. It has been issuing the report since 1997.

In terms of economic achievements and infrastructure, South Korea’s spots were unchanged at 20th and 19th, but the rankings for government and corporate efficiency fell to 26th and 39th from the previous year’s 20th and 34th.

In government efficiency, the IMD report gave lower scores for public finance, regulatory conditions, and business-related laws. In particular, the ranking in public finance slipped sharply from 9th to 24th.

“The poor reading in public finance might be attributed to the country’s public debt problem and the government’s increased spending to boost the economy,” a ministry official said.

“A massive data leak and the collapse of a resort facility a few months ago also seem to have had a part in lowering the country’s overall ranking in public efficiency,” he added.

The report also cited corporate auditing, adaptability to changing market conditions, and productivity in relations between labor and management as weaknesses in terms of business efficiency.

Meanwhile, the United States topped the list in terms of global competitiveness for the second straight year, followed by Switzerland and Singapore.

Among Asian countries, Japan’s ranking rose from 24th to 21st, while China and Taiwan came in 23rd and 13th, respectively, down from the previous year’s 21st and 11th.

2 Comments

  1. Kumi Mizuno

    May 22, 2014 at 11:04 AM

    Dear Sir or Madam

    I am a musician coordinator based in Los Angeles working mainly for the Japanese.
    One of my client in Japan manages a K-Pop band, we would like to know who we can e mail regarding Korean Music Festival at The Hollywood Bowl.
    We would like to know a possibility for them to perform there.
    Thank you very much for your help.

    Warmest Regards

    Kumi Mizuno

    Reply

  2. Kumi Mizuno

    May 22, 2014 at 11:10 AM

    Dear Sir or Madam

    I am a musician coordinator based in Los Angeles working mainly for the Japanese.
    Would you give us an e mail address of somebody who is in charge of
    Korean Music Festival which will be held once a year at The Hollywood Bowl?
    My client in Japan manages a well known K-Pop band in Japan, we would like to know a possibility for them to perform at the Hollywood Bowl.
    Thank you very much for your help.

    Warmest Regards

    Kumi Mizuno

    Reply