Global Competitiveness Ranking 2024 Small Economies Can Compete

IMD Releases 2024 Global Competitiveness Ranking

The International Institute for Management Development (IMD) has published its 2024 global competitiveness ranking. This report reveals that Singapore has become the most competitive country in the world for the first time since 2020, surpassing countries like Switzerland and Denmark.

Singapore Takes the Top Spot

Singapore has taken the top spot due to several reasons. The country boasts a highly favorable business environment, solid innovation policies, and high-quality infrastructure. Additionally, Singapore has effectively managed the global health crisis, which has strengthened investor confidence.

Switzerland and Denmark Follow Closely

Switzerland remains competitive thanks to its excellent education system, innovation capabilities, and stable business environment. Denmark, on the other hand, benefits from a flexible labor market, high digitalization, and a strong culture of innovation.

Small Economies Can Be Highly Competitive

This year's ranking shows that small economies can be highly competitive on the global stage. These countries prove that competitiveness is not solely dependent on size, but also on the quality of economic policies, innovation, and the ability to adapt to global changes.

IMD's 36-Year Tradition

The IMD has been publishing this ranking for 36 years. For the 2024 edition, three new economies have been added: Ghana, Nigeria, and Puerto Rico.

AI: A Game-Changer for Economies

According to José Caballero, chief economist at the WCC, AI could represent a significant opportunity for economies seeking to improve their productivity. He states, "At the microeconomic level, the recent surge in AI-based technologies could significantly increase efficiency and productivity."

2024 Global Competitiveness Ranking