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WORLD COMPETITIVENESS CENTER
* Overview
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more
World Competitiveness Ranking
A comprehensive annual report and worldwide reference point on the
competitiveness of countries
WORLD COMPETITIVENESS RANKING
A comprehensive annual report and worldwide reference point on the
competitiveness of countries
Choose section World Competitiveness Ranking
Mobile Menu
World Competitiveness Ranking
2023 results
Overall and Factors – 5 years
Booklet 2023
Country Profiles
Methodology
Newsletter sign-up
World Competitiveness Ranking
2023 results
Overall and Factors – 5 years
Booklet 2023
Country Profiles
Methodology
WORLD COMPETITIVENESS RANKING
The IMD World Competitiveness Yearbook (WCY), first published in 1989, is a
comprehensive annual report and worldwide reference point on the competitiveness
of countries. It provides benchmarking and trends, as well as statistics and
survey data based on extensive research. It analyzes and ranks countries
according to how they manage their competencies to achieve long-term value
creation. An economy’s competitiveness cannot be reduced only to GDP and
productivity because enterprises also have to cope with political, social and
cultural dimensions. Governments therefore need to provide an environment
characterized by efficient infrastructures, institutions, and policies that
encourage sustainable value creation by enterprises.
The IMD World Competitiveness Ranking emphasizes a long-term trend highlighted
in past editions – that the countries on the top of the list each have a unique
approach to becoming competitive.
The Yearbook provides extensive coverage of 64 economies, chosen based on the
availability of comparable international statistics and our collaboration with
local Partner Institutes, which contribute to the collection of survey data and
ensure that all data are reliable, accurate and as up-to-date as possible. This
year, we have the privilege of collaborating with a unique global network of
Partner Institutes in 57 countries.
The World Competitiveness Ranking is based on 336 competitiveness criteria
selected as a result of comprehensive research using economic literature,
international, national, and regional sources, and feedback from the business
community, government agencies, and academics. The criteria are revised and
updated regularly as new theories, research, and data become available and as
the global economy evolves.
Download list of criteria used in 2023 (PDF, 147 kb)
IMD World Competitiveness Ranking 2023 – An overview
Released on 20 June 2023, the data explores multiple factors that affect the
prosperity of 64 economies.
01:00
Remaining competitive in times of geo-political turbulence
World Competitiveness Ranking 2023 Results
Agile governance and good access to markets boost citizens’ quality of life,
says new IMD research
IMD’s World Competitiveness Center’s latest report on global economic
competitiveness gives leaders guidance for navigating a “fragmented” world
Denmark, Ireland and Switzerland have been named the top three among 64
economies measured for their global competitiveness in the 2023 IMD World
Competitiveness Ranking, published today by the World Competitiveness Center for
the 35th consecutive year.
Denmark maintained its grip on first place from last year, when it enjoyed a
momentous inaugural rise to the top, Ireland made a remarkable leap from 11th to
take second place, and Switzerland held its nerve in third, after dropping from
second place in 2022 and first place in 2021.
All three are small economies that make good use of their access to markets and
trading partners – as does Singapore, which came fourth.
Read the complete article
Rankings full list of results
Open
2023
Country
2022
Ranking Change
01
Denmark
01
–
02
Ireland
11
+9
↑
03
Switzerland
02
-1
↓
04
Singapore
03
-1
↓
05
Netherlands
06
+1
↑
06
Taiwan, China
07
+1
↑
07
Hong Kong SAR
05
-2
↓
08
Sweden
04
-4
↓
09
USA
10
+1
↑
10
UAE
12
+2
↑
11
Finland
08
-3
↓
12
Qatar
18
+6
↑
13
Belgium
21
+8
↑
14
Norway
09
-5
↓
15
Canada
14
-1
↓
16
Iceland
16
–
17
Saudi Arabia
24
+7
↑
18
Czech Republic
26
+8
↑
19
Australia
19
–
20
Luxembourg
13
-7
↓
21
China
17
-4
↓
22
Germany
15
-7
↓
23
Israel
25
+2
↑
24
Austria
20
-4
↓
25
Bahrain
30
+5
↑
26
Estonia
22
-4
↓
27
Malaysia
32
+5
↑
28
Korea Rep.
27
-1
↓
29
United Kingdom
23
-6
↓
30
Thailand
33
+3
↑
31
New Zealand
31
–
32
Lithuania
29
-3
↓
33
France
28
-5
↓
34
Indonesia
44
+10
↑
35
Japan
34
-1
↓
36
Spain
36
–
37
Kazakhstan
43
+6
↑
38
Kuwait
–
39
Portugal
42
+3
↑
40
India
37
-3
↓
41
Italy
41
–
42
Slovenia
38
-4
↓
43
Poland
50
+7
↑
44
Chile
45
+1
↑
45
Cyprus
40
-5
↓
46
Hungary
39
-7
↓
47
Turkey
52
+5
↑
48
Romania
51
+3
↑
49
Greece
47
-2
↓
50
Croatia
46
-4
↓
51
Latvia
35
-16
↓
52
Philippines
48
-4
↓
53
Slovak Republic
49
-4
↓
54
Jordan
56
+2
↑
55
Peru
54
-1
↓
56
Mexico
55
-1
↓
57
Bulgaria
53
-4
↓
58
Colombia
57
-1
↓
59
Botswana
58
-1
↓
60
Brazil
59
-1
↓
61
South Africa
60
-1
↓
62
Mongolia
61
-1
↓
63
Argentina
62
-1
↓
64
Venezuela
63
-1
↓
Overall and Factor Rankings – Five years
Overall
Open
Country
2019
2020
2021
2022
2023
Argentina
61
62
63
62
63
Australia
18
18
22
19
19
Austria
19
16
19
20
24
Bahrain
–
–
–
30
25
Belgium
27
25
24
21
13
Botswana
–
–
61
58
59
Brazil
59
56
57
59
60
Bulgaria
48
48
53
53
57
Canada
13
8
14
14
15
Chile
42
38
44
45
44
China
14
20
16
17
21
Colombia
52
54
56
57
58
Croatia
60
60
59
46
50
Cyprus
41
30
33
40
45
Czech Republic
33
33
34
26
18
Denmark
08
02
03
01
01
Estonia
35
28
26
22
26
Finland
15
13
11
08
11
France
31
32
29
28
33
Germany
17
17
15
15
22
Greece
58
49
46
47
49
Hong Kong SAR
02
05
07
05
07
Hungary
47
47
42
39
46
Iceland
20
21
21
16
16
India
43
43
43
37
40
Indonesia
32
40
37
44
34
Ireland
07
12
13
11
02
Israel
24
26
27
25
23
Italy
44
44
41
41
41
Japan
30
34
31
34
35
Jordan
57
58
49
56
54
Kazakhstan
34
42
35
43
37
Korea Rep.
28
23
23
27
28
Kuwait
–
–
–
–
38
Latvia
40
41
38
35
51
Lithuania
29
31
30
29
32
Luxembourg
12
15
12
13
20
Malaysia
22
27
25
32
27
Mexico
50
53
55
55
56
Mongolia
62
61
60
61
62
Netherlands
06
04
04
06
05
New Zealand
21
22
20
31
31
Norway
11
07
06
09
14
Peru
55
52
58
54
55
Philippines
46
45
52
48
52
Poland
38
39
47
50
43
Portugal
39
37
36
42
39
Qatar
10
14
17
18
12
Romania
49
51
48
51
48
Saudi Arabia
26
24
32
24
17
Singapore
01
01
05
03
04
Slovak Republic
53
57
50
49
53
Slovenia
37
35
40
38
42
South Africa
56
59
62
60
61
Spain
36
36
39
36
36
Sweden
09
06
02
04
08
Switzerland
04
03
01
02
03
Taiwan, China
16
11
08
07
06
Thailand
25
29
28
33
30
Turkey
51
46
51
52
47
UAE
05
09
09
12
10
United Kingdom
23
19
18
23
29
USA
03
10
10
10
09
Venezuela
63
63
64
63
64
Economic Performance
Open
Country
2019
2020
2021
2022
2023
Argentina
61
60
59
57
59
Australia
14
23
19
16
10
Austria
20
15
20
24
22
Bahrain
–
–
–
39
23
Belgium
37
25
24
14
13
Botswana
–
–
62
60
62
Brazil
57
56
51
48
41
Bulgaria
47
34
41
49
48
Canada
12
10
14
10
09
Chile
48
50
53
50
52
China
02
07
04
04
08
Colombia
50
52
56
45
37
Croatia
55
45
50
32
46
Cyprus
19
13
13
38
47
Czech Republic
17
16
23
18
27
Denmark
26
21
17
13
15
Estonia
44
35
29
33
54
Finland
35
43
34
44
39
France
34
32
28
17
24
Germany
09
05
03
05
12
Greece
60
55
52
51
58
Hong Kong SAR
10
28
30
15
36
Hungary
46
19
08
08
21
Iceland
54
58
55
56
45
India
24
37
37
28
33
Indonesia
25
26
35
42
29
Ireland
06
12
22
07
01
Israel
40
39
36
36
31
Italy
53
42
39
41
44
Japan
16
11
12
20
26
Jordan
62
62
63
62
63
Kazakhstan
45
48
45
58
57
Korea Rep.
27
27
18
22
14
Kuwait
–
–
–
–
19
Latvia
52
53
44
54
55
Lithuania
39
33
33
43
49
Luxembourg
04
08
10
01
38
Malaysia
11
09
15
12
07
Mexico
28
38
49
27
30
Mongolia
58
59
58
61
60
Netherlands
13
01
02
19
11
New Zealand
36
40
32
47
50
Norway
32
30
25
25
17
Peru
41
51
60
40
53
Philippines
38
44
57
53
40
Poland
18
29
27
29
25
Portugal
43
41
43
46
42
Qatar
03
06
11
09
05
Romania
49
46
40
55
51
Saudi Arabia
30
20
48
31
06
Singapore
05
03
01
02
03
Slovak Republic
42
49
47
52
56
Slovenia
33
36
31
26
34
South Africa
59
61
61
59
61
Spain
29
31
42
35
32
Sweden
21
22
16
21
28
Switzerland
23
18
07
30
18
Taiwan, China
15
17
06
11
20
Thailand
08
14
21
34
16
Turkey
51
57
46
37
43
UAE
07
04
09
06
04
United Kingdom
22
24
26
23
35
USA
01
02
05
03
02
Venezuela
63
63
64
63
64
Government Efficiency
Open
Country
2019
2020
2021
2022
2023
Argentina
61
63
64
63
64
Australia
13
15
16
16
18
Austria
28
25
29
34
36
Bahrain
–
–
–
20
20
Belgium
36
35
37
33
22
Botswana
–
–
42
41
37
Brazil
62
61
62
61
62
Bulgaria
42
39
47
49
55
Canada
14
10
15
18
16
Chile
26
20
22
30
32
China
35
37
27
29
35
Colombia
56
56
58
59
61
Croatia
58
59
57
46
49
Cyprus
32
21
25
24
30
Czech Republic
34
36
36
22
17
Denmark
06
04
07
06
05
Estonia
27
19
18
15
15
Finland
17
16
14
10
13
France
48
46
39
40
47
Germany
22
24
23
21
27
Greece
60
52
52
55
53
Hong Kong SAR
01
01
01
02
02
Hungary
45
47
40
37
40
Iceland
15
17
17
14
19
India
46
50
46
45
44
Indonesia
25
31
26
35
31
Ireland
11
13
13
11
03
Israel
30
27
33
32
34
Italy
53
57
55
54
56
Japan
38
41
41
39
42
Jordan
43
45
35
44
41
Kazakhstan
21
29
21
25
23
Korea Rep.
31
28
34
36
38
Kuwait
–
–
–
–
26
Latvia
33
32
32
28
39
Lithuania
29
33
31
23
33
Luxembourg
10
12
10
13
10
Malaysia
24
30
30
38
29
Mexico
52
55
59
60
60
Mongolia
59
53
54
57
58
Netherlands
09
11
12
12
12
New Zealand
08
08
11
17
21
Norway
07
06
04
05
09
Peru
49
40
48
52
50
Philippines
41
42
45
48
52
Poland
44
43
56
56
54
Portugal
37
34
38
43
43
Qatar
05
07
06
07
04
Romania
51
49
44
47
46
Saudi Arabia
18
22
24
19
11
Singapore
03
05
05
04
07
Slovak Republic
57
60
51
51
48
Slovenia
39
38
43
42
45
South Africa
50
54
61
53
59
Spain
40
44
49
50
51
Sweden
16
14
09
09
14
Switzerland
04
02
02
01
01
Taiwan, China
12
09
08
08
06
Thailand
20
23
20
31
24
Turkey
55
51
60
58
57
UAE
02
03
03
03
08
United Kingdom
19
18
19
26
28
USA
23
26
28
27
25
Venezuela
63
62
63
62
63
Business Efficiency
Open
Country
2019
2020
2021
2022
2023
Argentina
59
62
63
63
63
Australia
24
21
34
26
30
Austria
17
16
18
18
26
Bahrain
–
–
–
24
22
Belgium
28
22
20
19
05
Botswana
–
–
61
57
50
Brazil
57
47
49
52
61
Bulgaria
54
53
59
59
62
Canada
16
10
16
13
17
Chile
41
37
40
41
45
China
15
18
17
15
21
Colombia
47
52
51
60
59
Croatia
63
63
64
49
56
Cyprus
52
35
43
44
55
Czech Republic
37
38
41
29
15
Denmark
07
01
01
01
01
Estonia
33
27
31
22
25
Finland
13
13
12
05
09
France
38
43
36
35
39
Germany
26
25
23
21
29
Greece
58
51
44
46
48
Hong Kong SAR
02
02
03
07
11
Hungary
56
59
56
48
58
Iceland
19
15
14
08
10
India
30
32
32
23
28
Indonesia
20
31
25
31
20
Ireland
03
05
11
11
03
Israel
21
26
29
27
24
Italy
42
45
35
34
38
Japan
46
55
48
51
47
Jordan
35
46
33
45
36
Kazakhstan
29
34
28
32
31
Korea Rep.
34
28
27
33
33
Kuwait
–
–
–
–
42
Latvia
43
44
42
37
57
Lithuania
23
24
30
25
27
Luxembourg
12
17
13
20
19
Malaysia
18
29
24
38
32
Mexico
49
48
47
47
51
Mongolia
61
57
60
61
64
Netherlands
04
04
04
03
02
New Zealand
22
30
22
36
35
Norway
08
08
06
10
18
Peru
55
50
53
53
53
Philippines
32
33
37
39
40
Poland
36
40
57
58
43
Portugal
45
41
38
42
41
Qatar
10
11
15
14
12
Romania
51
54
52
50
49
Saudi Arabia
25
19
26
16
13
Singapore
05
06
09
09
08
Slovak Republic
60
61
55
54
52
Slovenia
40
39
45
43
46
South Africa
44
56
58
56
54
Spain
39
42
39
40
37
Sweden
06
03
02
02
06
Switzerland
09
09
05
04
07
Taiwan, China
14
12
07
06
04
Thailand
27
23
21
30
23
Turkey
48
36
46
55
44
UAE
01
07
08
17
16
United Kingdom
31
20
19
28
34
USA
11
14
10
12
14
Venezuela
62
60
62
62
60
Infrastructure
Open
Country
2019
2020
2021
2022
2023
Argentina
51
52
56
54
56
Australia
17
18
23
19
20
Austria
11
10
12
10
15
Bahrain
–
–
–
39
37
Belgium
21
19
19
20
10
Botswana
–
–
63
61
61
Brazil
54
53
52
53
55
Bulgaria
50
50
54
51
54
Canada
12
08
08
11
11
Chile
47
45
45
47
46
China
16
22
18
21
21
Colombia
56
56
53
56
57
Croatia
49
48
50
45
45
Cyprus
42
38
41
40
42
Czech Republic
31
32
31
28
24
Denmark
03
02
03
02
02
Estonia
34
33
30
27
29
Finland
05
04
05
04
03
France
09
13
15
15
17
Germany
10
11
10
09
14
Greece
41
39
39
41
40
Hong Kong SAR
22
14
16
14
13
Hungary
39
41
37
36
38
Iceland
13
17
09
08
07
India
55
49
49
49
52
Indonesia
53
55
57
52
51
Ireland
23
23
20
23
19
Israel
18
20
21
17
18
Italy
32
30
29
31
30
Japan
15
21
22
22
23
Jordan
58
58
55
55
53
Kazakhstan
43
51
47
46
47
Korea Rep.
20
17
16
16
16
Kuwait
–
–
–
–
49
Latvia
35
37
35
35
41
Lithuania
30
34
34
32
31
Luxembourg
25
24
24
24
25
Malaysia
28
31
32
37
35
Mexico
57
57
58
58
59
Mongolia
62
62
62
62
63
Netherlands
08
09
07
05
05
New Zealand
24
25
25
29
28
Norway
07
06
04
06
08
Peru
61
60
60
59
60
Philippines
59
59
59
57
58
Poland
36
35
42
43
39
Portugal
29
27
27
30
32
Qatar
40
40
40
38
33
Romania
48
47
48
48
50
Saudi Arabia
38
36
36
34
34
Singapore
06
07
11
12
09
Slovak Republic
44
46
44
42
44
Slovenia
27
29
33
33
36
South Africa
60
61
61
60
62
Spain
26
26
26
25
27
Sweden
04
01
02
03
04
Switzerland
02
03
01
01
01
Taiwan, China
19
15
14
13
12
Thailand
45
44
43
44
43
Turkey
46
43
46
50
48
UAE
33
28
28
26
26
United Kingdom
14
12
13
18
22
USA
01
05
06
07
06
Venezuela
63
63
64
63
64
WORLD COMPETITIVENESS BOOKLET 2023
Browse this summary of the full report
IMD World Competitiveness Booklet 2023
REDISCOVER THE 2022 IMD WORLD COMPETITIVENESS RANKING
Find out more
Competitiveness Country Profiles
Summary country profiles are available in the free version of IMD World
Competitiveness Online for all 64 countries covered in 2023 (+ Russia and
Ukraine for 2021), including the Competitiveness, Digital, and Talent rankings.
Discover the profiles in our online database:
Countries A – E
Open
* Argentina
* Australia
* Austria
* Bahrain
* Belgium
* Botswana
* Brazil
* Bulgaria
* Canada
* Chile
* China
* Colombia
* Croatia
* Cyprus
* Czech Republic
* Denmark
* Estonia
Countries F – K
Open
* Finland
* France
* Germany
* Greece
* Hong Kong SAR
* Hungary
* Iceland
* India
* Indonesia
* Ireland
* Israel
* Italy
* Japan
* Jordan
* Kazakhstan
* Korea Rep.
* Kuwait
Countries L – R
Open
* Latvia
* Lithuania
* Luxemboure
* Malaysia
* Mexico
* Mongolia
* Netherlands
* New Zealand
* Norway
* Peru
* Philippines
* Poland
* Portugal
* Qatar
* Romania
Countries S – Z
Open
* Saudi Arabia
* Singapore
* Slovak Republic
* Slovenia
* South Africa
* Spain
* Sweden
* Switzerland
* Taiwan, China
* Thailand
* Turkey
* UAE
* United Kingdom
* USA
* Venezuela
Methodology and principles of analysis
Below is an explanation of the methodology used by the IMD World Competitiveness
Center to develop the IMD World Competitiveness Ranking, the IMD World Digital
Competitiveness Ranking, and the IMD World Talent Report. Although the
methodology is intended to be general, ranking-specific examples are mentioned
throughout. This does not mean, however, that the principle under discussion is
not applicable to the other rankings. The specificities of each ranking are
introduced in the tables, as indicated.
How does the IMD World Competitiveness Yearbook measure competitiveness?
Open
Over the past two decades, the methodology used to assess the competitiveness of
countries has been fine-tuned to take into account the evolution of the global
environment and new research. In this way, the WCY keeps pace with structural
changes in national environments and the rapidly changing technological
revolution. We make these changes gradually so that we can preserve the
comparability of results from year to year and highlight the evolution of an
economy’s performance relative to the competitiveness of others.
Based on analysis made by leading scholars and on our own research, all criteria
is grouped into sub-factors. Each sub-factor does not necessarily include the
same number of criteria (for example, it takes more criteria to assess Education
than to evaluate Prices). Sub-factors, irrespective of the number of criteria
they contain, have the same weight in the overall consolidation of results.
In the case of the World Competitiveness Ranking, for example, the weight of
each sub-factor is 5% (20 x 5 = 100). This allows us to “lock” the weight of the
sub-factors regardless of the number of criteria they include. We believe that
this approach improves the reliability of the results and helps ensure a high
degree of compatibility with past results. Statistics are sometimes prone to
errors or omission, locking the weights of sub-factors has the same function as
building “fire barriers”; it prevents problems from spreading in a
disproportionate way.
The WCY uses different types of data to measure quantifiable and qualitative
issues separately. Statistical indicators are acquired from international,
national and regional organizations, private institutions and our Partner
Institutes. These statistics are referred to in the WCY as hard data. The hard
data represent a weight of two-thirds in the overall rankings.
Additional criteria are drawn from our annual Executive Opinion Survey and are
referred to in the WCY as survey data. The survey questions are included in the
Yearbook as individual criteria and are also used to calculate the overall
rankings, representing a weight of one-third.
Executive Opinion Survey
Open
Our Executive Opinion Survey complements the statistics we use from
international, national, and regional sources. While the hard data show how
competitiveness is measured over a specific period of time, the survey data
measures competitiveness as it is perceived by market participants.
The survey is designed to quantify issues that are not easily measured, for
example: management practices, corruption, adaptive attitudes, and the agility
of companies. The survey responses reflect present and future perceptions of
competitiveness by business executives who are dealing with international
business situations. Their responses are more recent and closer to reality since
there is no time lag with the year under consideration, which is often a problem
with hard data, which show a “picture of the past.”
The Executive Opinion Survey is sent to mid- and upper-level managers in all the
economies studied. The sample of respondents is representative of the entire
economy, covering a cross-section of the business community in all economic
sectors. In order to be statistically representative, we select a sample size
that is proportional to the GDP breakdown of economic sectors of the economy.
The survey respondents are nationals or expatriates, in domestic or
international enterprises who have resided at least a year in the economy under
consideration. They are asked to evaluate the present and future competitiveness
conditions of the economy in which they work, drawing from their domestic and
international experience.
The online survey takes place from end of February to beginning of May. All
responses are treated as confidential. In 2023, we received 6,400 responses from
the 64 economies worldwide. The respondents assess the competitiveness issues by
answering the questions on a scale of 1 to 6. The average value for each economy
is then calculated and converted into a 0 to 10.
How are the rankings calculated?
Open
The essential building block for the rankings is the standardized value for all
the criteria (i.e., STD value). The first step is to compute the STD value for
each criterion using the data available for all the economies (see the next
section Data Processing Methodology for more detail). We then rank the economies
based on the criteria that are used in the aggregation: a combination of hard
and survey data.
Additional criteria are presented for background information only; they are not
included in the aggregation of data to determine the overall rankings. Details
on the type and number of criteria used in the calculation of each of the
rankings are presented in the table below. In most cases, a higher value is
better, for example, for Gross Domestic Product; the economy withthe highest
standardized value is ranked first while the one with the lowest is last.
However, for some criteria the inverse may be true, where the lowest value is
the most competitive, for example, Software Piracy. In these cases, a reverse
ranking is used: the economy with the highest standardized value is ranked last
and the one with the lowest is first.
Ranking/Report
Hard Data
Survey
Background information
Total ranked criteria
World Competitiveness 2023
164
92
80
336
World Digital Competitiveness 2022
34
20
3
57
World Talent 2022
14
17
3
34
Data Processing Methodology
Open
Standard Deviation Method
As distinct criteria exhibit different scales and units, a comparable standard
measure – the Standard Deviation Method (SDM) – is used to compute the overall,
factor and sub-factor results. It measures the relative difference between the
economies’ performances, resulting in a more accurate assessment of each
country’s relative position in the final rankings.
First, for each criterion, we compute the average value for the entire
population of economies. Then, the standard deviation is calculated using the
following formula:
x = original value
x ̅= average value of all the economies
N = number of economies
S = standard deviation
Subsequently, we compute each of the economies’ STD values for the all the
ranked criteria. The STD is calculated by subtracting the average value of the
64 economies from the economy’s original value and then dividing the result by
the standard deviation.
The STD value for criteria i is calculated as follows:
x = original value
x ̅= average value of all the economies
N = number of economies
S = standard deviation
Subsequently, we compute each of the economies’ STD values for the all the
ranked criteria. The STD is calculated by subtracting the average value of the
64 economies from the economy’s original value and then dividing the result by
the standard deviation.
The STD value for criteria i is calculated as follows:
Aggregation of Data and Rankings
In the WCY some criteria are provided as background information only and are not
included in the determination of the rankings. Some background data, however,
are presented in ranking order while others are shown alphabetically.
STD values are calculated for each individual criterion, based on the STD method
described above. All hard data indicators are reviewed to determine the shape of
the distribution. Non-normally distributed data is normalized by taking the log.
The STD is then calculated using the logged values.
The sub-factor rankings are determined by calculating the average of the STD
values of all criteria comprising the sub-factor. All the hard data have a
weight of 1. The survey data are weighted so that the survey accounts for one-
third in the determination of the overall ranking. When data are unavailable for
a particular economy, the missing values are replaced by STD values that are
imputed from the average of existing data within the sub-factor. Taking the
average for each sub-factor enables us to “lock”
the weight of all the sub-factors irrespective of the number of criteria they
contain so that each sub-factor has an equal impact on the overall rankings.
Next, we aggregate the sub-factor STD values to determine the factor rankings.
Only ranked criteria are aggregated to obtain these rankings. The STD values of
the factors are then aggregated to determine the overall rankings. All the
ranked criteria comprised in the factors are thus included in the consolidation
of data.
Since all the statistics are standardized, they can be aggregated to compute
indices. We use these index values, which we call “scores,” to compute the
Factors and the Overall Rankings. It should be noted that across the factors,
only one economy has a value equal to 100 and one economy a value equal to 0. To
calculate the overall rankings, we take the average of the factors’ scores of
the respective ranking (Competitiveness, Digital or Talent) and then convert
them into an index with the leading economy given a value of 100.
Survey Criteria
Each year we conduct a survey to quantify issues related to competitiveness for
which there are no hard statistics. The survey is an in- depth 92-point
questionnaire sent to middle and upper level managers in the economies included
in the rankings. The distribution reflects a breakdown of industry by sectors:
primary, industry/manufacturing and services/finance.
In 2023 we received 6,400 responses for an average of approximately 100 replies
per economy. The target list is determined by IMD and has been developed over
many years with the collaboration of our Partner Institutes worldwide.
Confidentiality is ensured and the list is updated every year. Respondents
answer only for the economy in which they have worked and resided in the past
year. Results, therefore, reflect widespread knowledge about each economy and
draw on the wealth of their international experience.
The respondents assess the competitiveness issues by answering the questions on
a scale of 1-6, with 1 indicating a negative perception and 6 indicating the
most positive perception. The WCY calculates the average value for each economy,
then the data is converted from a1-6 scale to a 0-10 scale, using the formula
below.
Finally, the survey responses are transformed into their standard deviation
values, from which the rankings are calculated.
where X = average value.
Trends
A trend or growth rate offers a more dynamic assessment than absolute values.
The formulas used to calculate trends and growth rates are explained below:
1. Annual real growth rate (i = inflation rate):
2. Average annual percentage growth rate (n = number of periods):
Growth formulas, however, may have shortcomings. The average annual growth rate
fails to reveal the real extent of changes, as it flattens or inflates
year-to-year growth rates. For example, an average growth rate over two years
might be calculated at 15%, while in reality there was 5% growth between the
first and second years, and 25% between the second and third years. The average
annual growth is used only when data vary widely in the middle years of a
period, and less widely between the first and last years of the period. It is
also used in cases where it is impossible to combine negative and positive
initial and final values. This approach gives a more accurate picture than the
compound rate under these circumstances.
Deflated Values
The following formula is used when calculating real growth rates from nominal
values, because it takes into account cumulative inflation (e.g., real growth in
Household Consumption Expenditure). The final deflated value is then used to
obtain the annual real growth rate.
Taking a five-year time span as an example: Deflated final value (i = inflation
rate):
More about the World Competitiveness Center
World Competitiveness Online
IMD World Competitiveness Online is a unique and comprehensive database on the
competitiveness of nations. It includes time series from the IMD World
Competitiveness Yearbook, the leading annual report published by IMD since 1989,
from the IMD World Talent Ranking and from the IMD World Digital Competitiveness
Ranking.
Access the online database
Visit our eShop
Where you can order : IMD World Competitiveness Package / IMD World
Competitiveness Online Database / Yearbook (hardcopy) + digital version (PDF) /
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Published by The Smart City Observatory (IMD and Singapore University of
Technology and Design – SUTD). The Smart city index offers a balanced focus on
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