Czech Republic continues to remain ranked 33rd on an annual World Competitiveness Index compiled by Institute for Management Development (IMD), the international business school said on Tuesday.
Singapore has retained its top position on the 63-nation list.
Denmark has moved up to the second position (from 8th last year), Switzerland has gained one place to rank 3rd, the Netherlands has retained its 4th place and Hong Kong has slipped to fifth place (from 2nd in 2019).
Arturo Bris, Director of the IMD World Competitiveness Center and Professor of Finance, says, “The benefit of small economies in the current crisis comes from their ability to fight a pandemic and from their economic competitiveness. In part these may be fed by the fact it is easy to find social consensus.”
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Overall, the latest rankings show a decline for Asia’s key economies, with the region’s biggest economy, China, dropping from last year’s 14th place to 20th this year. Malaysia fell five places to 27th, Thailand fell four places to 29th, Japan fell four places to 34th, and Indonesia fell eight places to 40th.
For China, whose economic growth rate fell to a 29-year low of 6.1% last year, economic performance dropped from last year’s second-place to seventh this year due to a slowdown in trade and employment, according to the report.
The Czech economy is set for the world’s fifth-largest downturn this year, according to a report published by the Organisation for Economic Co-operation and Development (OECD).
Only the United Kingdom, Italy, Spain, and France will be harder hit in 2020, the OECD said in a recent report. However, while Czech GDP will contract by 9.6 percent this year it should expand by 7.7 percent in 2021, the OECD said.
One of the world’s most famous competitiveness rankings, along with the World Economic Forum’s Global Competitiveness Report, IMD’s assessment has been published annually since 1989.