IMD World Competitiveness Booklet 2023

Korea Rep. Competitiveness Trends – Overall

OVERALL PERFORMANCE (64 countries)

BASIC FACTS

Rank

2019

2020

2021

2022

2023

Capital Land area (square km '000)

Seoul

100 2022

1,291 2022

Exchange rate (per $)

23

23

Population - market size (millions) 51,56 2022 16 Gross Domestic Product (GDP) (US$ billions) 1.665,2 2022 12 GDP (PPP) per capita (US$) 53.647 2022 25 Real GDP growth (%) 2,6 2022 44 Consumer price inflation (%) 5,09 2022 14 Unemployment rate (%) 2,90 2022 10 Labor force (millions) 28,92 2022 14 Current account balance (% of GDP) 1,79 2022 24 Direct investment stocks inward ($bn) 263,3 2021 24 Direct investment flows inward (% of GDP) 1,22 2021 50

27

28

28

CHALLENGES IN 2023

• Boost export performance in the face of a global economic slowdown. • Internalize the cost increase resulting from efforts to restore and diversify the supply chain. • While pursuing fiscal soundness, strengthen safety nets for vulnerable groups and struggling businesses. • Enhance global policy coordination with like-minded countries. • Provide support for startups to ensure their growth is not hindered by liquidity constraints.

PROVIDED BY: Korea Institute for International Economic Policy

COMPETITIVENESS LANDSCAPE

Economic Performance Government Efficiency

Business Efficiency

Infrastructure

Domestic Economy

International Trade

International Investment Employment Prices

Public Finance Tax Policy

Institutional Framework Business Legislation

Societal Framework

Productivity & Efficiency Labor Market Finance

Management Practices Attitudes & Values

Basic Infrastructure

Technological Infrastructure Scientific Infrastructure

Health & Environment Education

2

4

11

18

23 23

26

29 26

32

33

33

36 35

41 40

41 39

42

53

PEER GROUPS RANKINGS ASIA - PACIFIC (14 countries)

POPULATIONS > 20 MILLION (27 countries)

2019

2020

2021

2022

2023

2019

2020

2021

2022

2023

8

8

6

9

9

7

7

7

11

9

88 Competitiveness Country Profiles