The 10 Most Competitive Economies Worldwide: Where Does Italy Rank?
The Most Competitive Economies in the World
Which are the most competitive economies in the world? The top 10 ranking has been revealed by the International Institute for Management Development (IMD), which assessed 67 countries globally based on over 250 indicators divided into four main categories: economic performance, government efficiency, business efficiency, and infrastructure.
Going Beyond Traditional Measures
For a deeper insight into a nation’s economic health, it’s important to look beyond traditional measures like GDP and productivity.
By using additional indicators, a more comprehensive picture can be obtained regarding the real opportunities that a country offers to investors, its citizens, and businesses to foster development and prosperity.
Top 10 Most Competitive Economies
The ranking of the top 10 most competitive economies in the world covers a significant part of Europe and North America, leaving gaps in Latin America, Asia, and particularly Africa.
Italy, for example, does not appear in the top ten for competitiveness.
Regional Insights and Rankings
The list of the most efficient economies in the world for 2024 includes countries like Singapore, Switzerland, Denmark, Ireland, Hong Kong, Sweden, the United Arab Emirates, Taiwan, the Netherlands, and Norway.
These rankings result from an assessment encompassing government efficiency, business efficiency, national economic performance, and infrastructure quality.
According to the IMD World Competitiveness Center, regions like East Asia have shown improvement, while Western Europe has remained somewhat stagnant.
The competitive landscape is illustrated through a map that highlights global competitiveness.
Economic Efficiency in Italy
Italy’s economic performance falls short according to the IMD World Competitiveness Center’s efficiency ranking.
The country occupies the 42nd position, being surpassed by Spain and Poland.
Particularly concerning is the government efficiency aspect where Italy plummeted to the 57th position due to public accounts, taxation system, social and institutional environment, and business legislation being under scrutiny.
Out of 67 countries, Italy ranks 58th for employment, 44th for economic efficiency, 37th for business efficiency, and 30th for infrastructure.
