IMD World Competitiveness Booklet 2022
Figure 4: Average factor rank by region, 2022 Source: IMD World Competitiveness Center (2022)
0
60
Economic Performance
Government Efficiency
Business Efficiency
Infrastructure
10
50
13 14
17 17
21
20
40
22 24
23 24
25
27
29
29
29 31
30
30
35
35
36 38
37 38
38
41
40
20
42
43
47
Average Factor Ranking
51
50
10
54 55
55
55
60
60
0
Eastern Asia
Eastern Asia
Western Europe Eastern Asia
Western Europe Eastern Asia
North America
South America
North America
South America
North America
South America
North America
South America
Eastern Europe
Eastern Europe
Eastern Europe
Eastern Europe
Western Europe
Western Europe
Western Asia & Africa
Western Asia & Africa
Western Asia & Africa
Western Asia & Africa
Ex-CIS and Central Asia
Ex-CIS and Central Asia
Ex-CIS and Central Asia
Ex-CIS and Central Asia
Southern Asia & the Pacific
Southern Asia & the Pacific
Southern Asia & the Pacific
Southern Asia & the Pacific
Eastern Asia remains at the top of the sub-regional rankings and, with an average competitiveness position of the economies in this area sliding by one position from 17 th to 18 th , we see a reversal of the positive trend which began in 2020. Western Europe also interrupts its positive competitiveness progression started in 2019 and stabilizes around an average 20 th rank. Similarly, the average competitiveness performance of North American economies remains stable in 2022. Since 2018, however, compet- itiveness levels in North America have fallen from an average 21 st position in the overall ranking to an average 26 th this year. Southern Asia & the Pacific also continues its three-year-long declining trend in competitiveness, reaching an average position of 31 st in 2022. Finally, Ex-CIS and Central Asian economies experience
a downturn in overall competitiveness reaching an average position of 46 th . The decline recorded between 2021 and 2022 lowers the average competitiveness of countries in this area, taking them back to their 2018 level. Figure 4 presents the sub-regional average rankings at the competitiveness factor level. In 2022, the sub-regions of Eastern Asia and Western Europe are the leaders in the Government Efficiency, Business Efficiency and Infrastructure factors. However, in the Economic Perfor- mance factor, North America displays higher positions than both Eastern Asia and Western Europe, which is proof of a faster post-COVID economic recovery in North American economies than in those countries in the other regions.
5. Country competitiveness trends / High ranking economies Figure 5 presents the variation in the overall competitiveness ranking among the countries in our sample. In Appendix 1 , we also include the overall ranking changes in the last three years (2020-2022) for each of the countries included in our study.
Denmark reaches the top spot (up from 3 rd ) for the first time in the history of the IMD World Competitiveness Ranking. Over the years, it has improved from its lowest position of 15 th in 2001, to 13 th in 2010, 6 th in 2016 and 2 nd in 2020. Switzerland moves down to 2 nd (from 1 st ), Singapore recovers
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