South Korea’s global competitiveness ranking fell two notches this year mainly due to administrative shortcomings and worsening conditions in education, business maturity and corporate innovation, a report showed Wednesday.
According to the report by the World Economic Forum (WEF), South Korea’s competitiveness index dropped to 24th place out of 142 countries surveyed this year. South Korea was ranked 22nd the previous year.
The WEF, a Geneva-based independent organisation, releases the report every year based on surveys of business leaders and the latest economic indicators deemed critical to global competitiveness.
Switzerland topped the list for the second straight year, followed by Singapore, Sweden and Finland. The United States fell to fifth from the previous year’s fourth place. Japan came in ninth, down from sixth a year earlier.
In the administrative sector that covers such fields as property rights protection, public trust in politicians, government red tape and ethical behavior of firms, South Korea’s ranking dropped to 65th place this year from 62nd last year.
Its ranking in high-level education also fell two notches to 17th, while corporate innovation saw its standing slip from 12th to 14th.
In terms of business maturity, the ranking also inched down to 25th from the previous year’s 24th, the report showed.
The report, however, gave South Korea higher marks in infrastructure and health and elementary school education.
Korea’s ranking in infrastructure jumped to 9th from the previous year’s 18th, while health and elementary school education saw its standing rise to 15th from 21st.