Switzerland is the most competitive country in Europe
26.06.2024
Switzerland is the second most competitive economy in the world behind Singapore - out of 67 countries analysed. This is a major finding of the 2024 IMD World Competitiveness Ranking (WCR), which measures economies with population size and GDP on both ends of the scale.
Switzerland was second and Denmark third, while Nigeria, Ghana, and Puerto Rico made their débuts. The WCR provides these economies with “a timely performance indicator coupling as a unique tool tailored to their specific needs and challenges,” said Arturo Bris, Director of the IMD World Competitiveness Center which produces the yearly ranking.
“It serves as a benchmark for these countries to measure their progress and identify areas for improvement, offering a clear path towards their economic development but also supporting global goals such as the SDGs.” Switzerland has consistently been among the top 3 in the IMD ranking over the past five years. The USA is ranked 12th, China 14th.
Why a competitiveness ranking?
An economy’s competitiveness cannot be reduced to just its GDP and productivity; political, social and cultural dimensions are a reality for enterprises, too. Governments play a crucial role, by providing an environment characterized by efficient infrastructure, institutions, and policies that can encourage sustainable value creation on the part of enterprise.
On this premise, 36 years ago the IMD World Competitiveness Ranking was created, in a bid to provide actionable data analysis on economies, regions and sub-regions according to how they optimize their individual competencies in order to achieve long-term value creation for their people. It provides benchmarking and exposes trends, using both statistics and real-world survey data.
The 2024 edition provides extensive coverage of 67 global economies and is a worldwide reference on the competitiveness of economies. In 2024, three new economies were added: Ghana, Nigeria and Puerto Rico.
More information: WCR-Rankings - IMD business school for management and leadership courses