Korea Growing Less Competitive

Korea slipped four notches in the World Competitiveness Ranking due to poor economic performance and business efficiency to 27th place.

Denmark topped the list of 63 countries and regions surveyed, up two spots from last year. Next came Switzerland, Singapore, Sweden, and Hong Kong. The U.S. came 10th, Germany 15th, China 17th, and Japan 34th.

The rankings were released by the Institute for Management Development in Switzerland on Wednesday.

The IMD ranks countries in four main categories -- economic performance, government efficiency, business efficiency, and infrastructure -- since 1989.

Korea ranked 23rd last year but slid further this year.

In terms of economic performance Korea slipped four notches to 22nd, in government efficiency two notches to 32nd, in business efficiency six notches to 33rd, but in infrastructure it rose one notch to 16th.