Switzerland ranked third in this year’s World Competitiveness Ranking. Although the country lost one spot the framework conditions are still excellent and the economy showed a strong performance. But the poor performance of important export markets such as Germany, France and the UK is a cause for concern.
Denmark, Ireland and Switzerland have been named the top three among 64 economies measured for their global competitiveness in the 2023 IMD World Competitiveness Ranking, published today by the World Competitiveness Center for the 35th consecutive year.
Denmark maintained its grip on first place from last year, when it enjoyed a momentous inaugural rise to the top, Ireland made a remarkable leap from 11th to take second place, and Switzerland held its nerve in third, after dropping from second place in 2022 and first place in 2021.
All three are small economies that make good use of their access to markets and trading partners – as does Singapore, which came fourth.
Switzerland retains third place thanks to its strong performance across all competitiveness factors measured. It remains first for government efficiency and infrastructure, ranks seventh in business efficiency (a decline from fourth), and improves in economic performance (up to 18th from 30th).
In total, five European countries are in the top 10, besides Denmark, Ireland and Switzerland, these are the Netherlands in 5th place and Sweden in 8th place. Large European economies, on the other hand, perform worse. Germany is in 22nd place (2022: 15th), the UK in 29th (2022: 23rd) and France in 33rd (2022: 28th). These countries all perform worse than China, which has made it to 21st place.
(Press release / SK)
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