The Korea Times close
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
Business
  • Tech
  • Bio
  • Companies
Finance
  • Companies
  • Economy
  • Markets
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
Entertainment
& Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
Sports
World
  • SCMP
  • Asia
Video
  • Culture
  • People
  • News
Photos
  • Photo News
  • Darkroom
  • The Korea Times
  • search
  • Site Map
  • E-paper
  • Subscribe
  • Register
  • LogIn
search close
  • The Korea Times
  • search
  • Site Map
  • E-paper
  • Subscribe
  • Register
  • LogIn
search close
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
Sat, May 28, 2022 | 10:28
Business
Korea Rises to 27th in Competitive Power
Posted : 2009-05-20 20:34
Updated : 2009-05-20 20:34
Print Preview
Font Size Up
Font Size Down

By Lee Hyo-sik
Staff Reporter

The nation's global competitiveness has strengthened over the past year, with more domestic companies outperforming their rivals on the international stage, according to the International Institute for Management Development (IMD) Wednesday.

In its 2009 World Competitiveness Yearbook, the Switzerland-based institute said Korea ranked 27th in competitiveness among the 57 countries, up four notches from 2008. In a stress test designed to project how well countries could deal with a possible worldwide economic downturn, it ranked 29th.

Among 29 nations with a population of over 20 million, Asia's fourth-largest economy ranked 11th, and was placed 10th among the 13 Asia-Pacific countries.

The IMD issues the report every year, analyzing the efficiency and competitiveness of governments and companies across the globe, infrastructure development and economic achievement.

The United States topped the list in 2009 for the third consecutive year, followed by Hong Kong and Singapore. Japan's ranking jumped five notches to 17th from the previous year, with that of Taiwan plunging to 23rd from 13th. China came in at 20th, down from 17th.

Korea performed better across the board compared with 2008. It ranked 29th in corporate efficiency, up seven notches, as more local businesses improved productivity and operational know-how, outrivaling competitors on the global market.

In economic achievements, the nation's ranking increased by two spots to 45th from a year earlier, while those in government efficiency and infrastructure development both rose by one notch to 36th and 20th, respectively.

``The report shows that Korea has been coping with the ongoing economic downturn better than other leading economies. The continued efforts of businesses to turn themselves into more efficient and competitive organizations boosted the nation's overall global competitiveness,'' the Ministry of Strategy and Finance said.

It also said the government tax cuts and deregulation over the past year were seen as an improvement in government efficiency.

On some of the finer details, Korea was rated highly in employment, public finance, and scientific and technology infrastructure. But it continued to lag behind other countries in foreign investment, inflation, corporate regulations and social infrastructure.

The IMD recommended that the nation make more efforts to stop talented manpower from heading overseas, improve the quality of the education system and enhance management-labor relations.

leehs@koreatimes.co.kr
 
  • [SPECIAL REPORT] Asylum-seekers create Myanmartown from scratch in Bupyeong
  • S. Korean volunteer fighter in Ukraine returns home with knee injuries
  • Koreans ready to flock to Japan as tourism resumes in June
  • Presidential security team misplaces live bullets
  • POSCO Chemical, GM pick Quebec as site for $327 mil. joint cathode plant
  • UN Security Council fails to pass N. Korea resolution due to opposition from China, Russia
  • Trade deficit feared to become long-lasting trend
  • Early voting for local elections kicks off
  • Sex slavery activist Youn under fire for not sharing details of settlement with victims
  • Zelenskyy to invite Yoon to Ukraine Recovery Conference in July
  • Disney+ original 'Kiss Sixth Sense' to offer high-spirited, fantasy rom-com Disney+ original 'Kiss Sixth Sense' to offer high-spirited, fantasy rom-com
  • [INTERVIEW] German professor hopes to boost appreciation for Korean traditional music [INTERVIEW] German professor hopes to boost appreciation for Korean traditional music
  • Korean films make splash at Cannes Film Festival Korean films make splash at Cannes Film Festival
  • 'The Roundup' becomes most-watched Korean film in pandemic era 'The Roundup' becomes most-watched Korean film in pandemic era
  • [INTERVIEW] Korea needs more small-sized concert venues: Prof. Lee Gyu-tag [INTERVIEW] Korea needs more small-sized concert venues: Prof. Lee Gyu-tag
DARKROOM
  • 75th Cannes Film Festival

    75th Cannes Film Festival

  • People in North Korea trapped in famine and pandemic

    People in North Korea trapped in famine and pandemic

  • 2022 Pulitzer Prize: Bearing witness to history

    2022 Pulitzer Prize: Bearing witness to history

  • Worsening drought puts millions at risk

    Worsening drought puts millions at risk

  • Our children deserve the best

    Our children deserve the best

The Korea Times
CEO & Publisher : Oh Young-jin
Digital News Email : webmaster@koreatimes.co.kr
Tel : 02-724-2114
Online newspaper registration No : 서울,아52844
Date of registration : 2020.02.05
Masthead : The Korea Times
Copyright © koreatimes.co.kr. All rights reserved.
  • About Us
  • Introduction
  • History
  • Location
  • Media Kit
  • Contact Us
  • Products & Service
  • Subscribe
  • E-paper
  • Mobile Service
  • RSS Service
  • Content Sales
  • Policy
  • Privacy Statement
  • Terms of Service
  • 고충처리인
  • Youth Protection Policy
  • Code of Ethics
  • Copyright Policy
  • Family Site
  • Hankook Ilbo
  • Dongwha Group