Korea's economy most competitive in Asia: report

Rankings of Asian economic competitiveness from the "Boao Forum Asian (BFA) Competitiveness Annual Report 2019."/Courtesy of Boao Forum for Asia website

By Lee Gyu-lee

Korea's economy has been ranked the most competitive in Asia, according to a recent analysis.

The Boao Forum for Asia (BFA), a nonprofit organization that hosts international forums on various topics, on Tuesday released its "Asian Competitiveness Annual Report." It puts Korea at the top with a score of 70.84, followed by Taiwan (68.78) and Singapore (68.56).

The evaluation index assesses the future competitiveness of a country according to GDP, GDP per capita, total population and contribution to the global economy. Korea was ranked first in the category of "human capital and innovation capability," which assesses education and capital output levels.

This year's BFA conference is in Hainan Province, China, from March 26 to 29. Korean Prime Minister Lee Nak-yon delivered a speech at the opening plenary, following Chinese Premier Li Keqiang's keynote speech.

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