May 31, 2016 09:42
Korea has dropped to the lowest ranking in world competitiveness since the global financial crisis in 2008.
Korea fell by four notches to 29th of 61 nations surveyed, according to the Institute for Management Development in Switzerland on Monday.
Korea held on to 22nd from 2011 to 2013 but has been sliding since.
This is chiefly because economic growth and the job market are slowing down and the country got low scores in corporate competitiveness, according to the Ministry of Strategy and Finance.
Countries are assessed in four categories -- economic performance, government efficiency, business efficiency, and infrastructure.
Korea got low scores particularly in business efficiency.
"This seems to reflect slow-growth doldrums and corporate problems as an increasing number of firms are restructuring as a result of management corruption," a ministry official said.
Hong Kong topped the list, followed by Switzerland and the U.S. Japan rose from 27th to 26th, but China dropped from 22nd to 25th.
The IMD assesses countries in 342 subcategories based on statistical data (2/3) and survey data (1/3).
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