S. Korea's ranking rises in global competitiveness
Korea moved up to 17th position in the global competitiveness ranking this year, achieving the biggest advancement among 117 economies, according to the World Economic Forum's annual study.
The Global Competitiveness Report 2005-2006 released yesterday showed that Asia's fourth-largest economy climbed 12 notches. It is the second time that Korea placed within the top 20 since 2003, as it continued to advance for the past three years.
The annual study touted by the WEF as a "valuable tool for shaping economic policy and guiding investment decisions," attributed Korea's sudden rise to its ability to enter a stage of economic recovery despite the strengthening won against the U.S. dollar. The stronger domestic currency threatened to dampen exports, which have been the country's main economic driver amid sluggish consumption.
Finland retained the No. 1 spot for the third consecutive year. The United States has remained second since Finland replaced the world's-largest economy in the 2003-2004 report.
The remainder of the top 10 were Sweden, Denmark, Taiwan, Singapore, Iceland, Switzerland, Norway and Australia.
In Asia, Taiwan continued to be the most competitive, placing fifth, followed by Singapore at sixth place. The WEF report described them as "Asia's two dragons."
Japan, the world's second-largest economy, ranked 12th, sliding three notches.
The WEF report has been published for the past 26 years, serving as an authoritative guide to the competitive condition of economies worldwide.
from The Korea Herald
The Global Competitiveness Report 2005-2006 released yesterday showed that Asia's fourth-largest economy climbed 12 notches. It is the second time that Korea placed within the top 20 since 2003, as it continued to advance for the past three years.
The annual study touted by the WEF as a "valuable tool for shaping economic policy and guiding investment decisions," attributed Korea's sudden rise to its ability to enter a stage of economic recovery despite the strengthening won against the U.S. dollar. The stronger domestic currency threatened to dampen exports, which have been the country's main economic driver amid sluggish consumption.
Finland retained the No. 1 spot for the third consecutive year. The United States has remained second since Finland replaced the world's-largest economy in the 2003-2004 report.
The remainder of the top 10 were Sweden, Denmark, Taiwan, Singapore, Iceland, Switzerland, Norway and Australia.
In Asia, Taiwan continued to be the most competitive, placing fifth, followed by Singapore at sixth place. The WEF report described them as "Asia's two dragons."
Japan, the world's second-largest economy, ranked 12th, sliding three notches.
The WEF report has been published for the past 26 years, serving as an authoritative guide to the competitive condition of economies worldwide.
from The Korea Herald
posted by Joa at
Thursday, September 29, 2005
