Korea Ranks 15th in Global Competitiveness

Korea's overall ranking rose two notches to 15th in the World Economic Forum competitiveness index released Wednesday.

But while Korean ranked relatively high out of the 140 countries surveyed thanks to the improving macroeconomic environment and a high level of information technology, the WEF said this year's gains were tempered by challenges in the labor sector and structural issues.

It said Korea's two weakest pillars are its product market, mostly due to the lack of domestic competition, and labor market due to rigidity and sub-optimal use of human capital