Switzerland climbs to second place in the IMD World Competitiveness Ranking 2023, showing significant advancements in economic development and company performance.

Switzerland has returned to second place in the global competitiveness ranking by the Lausanne-based business school IMD, surpassing Ireland. Singapore has climbed to the top, with Denmark falling to third place.

In the “World Competitiveness Ranking 2023,” IMD assessed 67 countries based on 164 criteria. Switzerland excelled in economic development and company performance and continues to lead in infrastructure and state functioning.

IMD Director Arturo Bris emphasizes that the most competitive economies adapt to global changes while creating value for their populations. Key challenges include transitioning to a low-carbon economy, integrating emerging countries, and advancing digital transformation.

IMD surveys identify AI adaptation, global growth slowdown risks, and geopolitical conflicts as major factors affecting national economies. Effective use of AI remains a significant challenge for businesses.

Despite 27% seeing the transition to zero emissions as crucial, only 12% prioritize global warming’s impact. Business leaders must balance short and long-term priorities, with environmental risks often seen as less immediate.

The top ten features smaller countries, with Singapore excelling in all categories. Hong Kong, Sweden, the UAE, Taiwan, the Netherlands, and Norway follow. The USA fell to twelfth, China is fourteenth, and Germany dropped to twenty-fourth. Venezuela is last.

Emerging countries like China, India, Brazil, Indonesia, and Turkey are growing in innovation and digitalization, becoming key players in global trade and investment. These countries present new opportunities and risks.

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