China Competitiveness Down: IMD
China dropped 4 spots to 23rd in the latest competitiveness ranking for 59 countries by Switzerland’s Institute of Management Development (IMD). Hong Kong remains on top while the US slipped to 2nd and Canada upped a notch to 6th.
From its press release:
May 31, 2012
IMD today announced the findings of its annual World Competitiveness Yearbook (WCY). The WCY rankings measure how well countries manage their economic and human resources to increase their prosperity.
The most competitive of the 59 ranked economies in 2012 are Hong Kong, the US and Switzerland (see overall rankings table below). Despite all its setbacks, the US remains at the center of world competitiveness because of its unique economic power, the dynamism of its enterprises and its capacity for innovation.
The most competitive nations in Europe are Switzerland (3), Sweden (5) and Germany (9), which have export-oriented manufacturing and fiscal discipline. Meanwhile, Ireland (20), Iceland (26) and Italy (40) look better equipped to bounce back than Spain (39), Portugal (41) and Greece (58), which continue to scare investors.
Emerging economies are not yet immune to turmoil elsewhere. China (23), India (35) and Brazil (46) have all slipped in the rankings, while Russia (48) climbed only one place. All Asian economies have declined apart from Hong Kong (1), Malaysia (14) and Korea (22). Latin America also had a tough year, with every nation falling except Mexico (37).
One-third of the 329 ranking criteria come from an exclusive IMD survey of more than 4,200 international executives.
