Global Competitiveness Index 2024: The global economy is constantly changing due to various influences including technological advancements, demographic changes, geopolitical factors etc. Through 2024-2025, the competition between countries vying for the top position on the global stage is only getting more intense.
Citizen demands, international cooperation to establish new key performance indicators (KPIs), and the need to reduce emissions are forcing the global economy to adopt new KPIs.
Future economic success will no longer be measured solely in traditional metrics like GDP and disposable income, but will be defined by how well we ensure prosperity for future generations while maintaining our current citizens’ standards of living.
Striking this balance requires including social, environmental and cultural indicators in addition to economic objectives, making a holistic approach to competitiveness even more important in the context of the Sustainable Development Goals (SDGs).
Notably, Singapore has a strong track record in all four dimensions of competitiveness, with government efficiency and business effectiveness at the forefront, ranking it as the most competitive economy among 67 countries in the world in IMD’s latest Global Competitiveness Rankings.
Moreover, countries such as China, India, Brazil, Indonesia and Turkey have experienced rapid growth and development in recent decades and have emerged as major players in trade, investment, innovation and geopolitics.
India has improved its ranking in the competitiveness index to 39th position currently from 43rd in 2020. However, the country still faces major challenges including the threat of artificial intelligence to services sector jobs and the need for skilled workforce, according to the report.
Here are the top 10 most competitive economies that can effectively balance productivity and prosperity, keeping their citizens’ incomes and quality of life high while protecting the environment and social cohesion.
Top 10 most competitive economies in the world in 2024:
Rank Country Score 1 Singapore 100 2 Switzerland 97.55 3 Denmark 97.07 4 Ireland 91.86 5 Hong Kong SAR 91.49 6 Sweden 90.30 7 United Arab Emirates 89.75 8 Taiwan (Chinese Taipei) 88.50 9 Netherlands 86.94 10 Norway 86.22
Source: IMD-World Competitiveness Rankings 2024
Note: The 2024 rankings are based on four factors that indicate the most competitive economies combine strong economic performance with efficient public and private sectors, high-quality infrastructure, and human and social capital.
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First uploaded on: July 30, 2024 10:30 IST
