It's Official: the Government's Reforms Have Failed Korea's Total Area Would Buy Two Canadas Price of Land on Dokdo Rises Again Seoul Ranked 12th in Global Competitiveness Law-and-Order Task Force 'to Boost Competitiveness' Korea Slides in Global Competitiveness Index WEF Lists Five Major Drags on the Global Economy Korea Leaps to 11th Place in Competitiveness Index

The WEF said Korea has reached world-class levels in certain areas, such as macroeconomic management, school enrolment rates at all levels, penetration rates for new technologies and scientific innovation. However, “it continues to be held back by institutional weaknesses, both public and private,” it added.

Switzerland rose to top from fourth place. The U.S. suffered the most pronounced drop, falling from first to sixth, due to “rising levels of public indebtedness associated with repeated fiscal deficits.” Finland, Sweden, Denmark and Singapore rounded out the top five, and Japan, Germany, the Netherlands and the U.K. made into the top 10. Among Asian countries surveyed, Japan landed in seventh place, Hong Kong in 11th, and Taiwan in 13th. As for emerging economies, India came 43rd and China 54th. The WEF is the Geneva-based international organization that holds the Davos Forum every year.

(englishnews@chosun.com )