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S Korea stands at 27th in global competitiveness

Published: 19/05/2009 05:00

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South Korea climbed four steps in the global competitiveness ranking for this year mainly due to an increase in corporate efficiency, an international report showed Wednesday.

Seoul, South Korea

According to the International Institute for Management Development (IMD) World Competitiveness Yearbook 2009, South Korea stood at 27th in terms of competitiveness among 57 countries surveyed, while it ranked 31st in the previous year.

South Korea’s ranking in corporate efficiency rose to 29th from 36th thanks to South Korean companies’ improvement in their overall productivity and efficiency, according to the report.

South Korea edged up to 20th from 21st in the infrastructure sector, with the country’s ranking in economic achievements and government efficiency also climbing to 45th and 36th from 47th and 37th, respectively, the report showed.

South Korea’s finance ministry attributed the rise to overall corporate efforts to sharpen its competitiveness and the government’s role in easing regulations and offering tax cuts, local media reported.

The United States came in at the top status of the rank this year, followed by Hong Kong and Singapore, the report showed.

South Korea, however, was one of the lowest-ranking of the Asian countries, standing at 10th among 13 Asian Pacific countries surveyed, the nation’s finance ministry said.

The report, which the Switzerland-based IMD releases every year, analyzes countries based on their economic achievements, infrastructure, and government and corporate efficiency, and is distributed in South Korea by the finance ministry.

VietNamNet/Xinhuanet

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