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.